Yes, at this point it seems obvious that if this company is...

Yes, at this point it seems obvious that if this company is going to survive, it needs fresh blood. Get rid of the self-serving board of directors, and oust Paul from the CEO position. Perhaps keep him on in a junior position for business continuity, but at a drastically reduced token salary so that he doesn't bleed the company dry. It's in his interests to remain involved since he still has a large stake in the company and its future, but he no longer deserves a generous salary given his incredibly poor performance year after year. It's clear that a fresh pair of eyes needs to come on board to figure out how, if it's even possible at this late stage, to salvage the company.