My take is the only reason the Directors paid overs was because...

My take is the only reason the Directors paid overs was because the note holders demanded it as part of the renegotiation.

And like moths to a flame naive in read it as a bullish sign and bid the sp up.

Check the history of this company, in particular the involvement of Ananda Kathiravelu (google him) and you will realise this has always been meant as a get rich quick scheme for the founders albeit a dismally successful one.