ALK Management are imperfect - as are all management teams....

ALK Management are imperfect - as are all management teams. Maybe they could have offloaded Calidus after the problems became apparent, and with the benefit of hindsight they would have definitely been better off than they are under the current circumstances.

Mark Creasy assessed that there was value to be had from taking over the bones of the company - so maybe Alkane might have done similarly?
Arguing against that, I don't think Alkane had the financial firepower or the desire to take over what has been demonstrated (so far) to be a marginal operation.

There is an argument about being a good corporate player in the market - which at its base is an argument about the perception that market participants have of any entity. I have seen various funds arrive on the significant holder register of the company (maybe UBS or other) that shareholders do not want because it means that there will be short selling of the stock.
If this argument holds any value, it's core would be that Alkane would not want to be seen as a fair weather investor who jumps on and off companies.

Looking at the importance of the decisions taken or not taken by team ALK - it still appears to me that they are getting the big ones right (Finding Boda Kaiser, floating ASM, finding extensions to Tomingley, upgrading plant and growing the base business).