The board cannot pretend it didn’t know any of these factors or their impact earlier. Unless it wants to go on record and claim the former MD misled them. And if that were the case they wouldn’t be thanking him and paying him $450K to slip away. Directors need to front up and ultimately pay the price for this game they’ve been playing. And that cash burn is enormous in the circumstances.
Ann: Request for Continuation of Voluntary Suspension, page-15
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