Respectfully I think you are wrong. My take, is that the other board members (Michael and Russell) essentially had no power previously. They were on the board to fulfill the requirement of 2 Australian directors. Remember that up until recently, Jimmie was CEO and Chairman of the board. He was in control of the decision making at both the board level and management level. So if anyone was responsible for scrutiny of these deals it was him.
I believe that ultimately Jimmie's demise was due to a clash with Michael and Russell. Jimmie has shown himself to be greedy and unscrupulous. If he could stay on as CEO and keep embezzling company funds after he was booted from the board then he would. He's gone because the other directors finally got the chance to push him out and clean up the company.
Jimmie was good at doing the work. He was lower level management material at best. He failed to recognise his own shortcomings. He should have appointed a skilled leader for the business long ago. But his ego couldn't stand that. He had to have it all for himself. The core bankruptcy business is solid, but the acquisitions have been a mess. I won't at all be shocked if it comes out that these deals benefited Jimmie in some other way that didn't help shareholders. He's either incompetent at the management/board level or has been doing something shady.
CI1 Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
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