They did not track progress of their subsidiary because they had...

They did not track progress of their subsidiary because they had no reason to disbelieve their CEO. Then the board of their subsidiary was replaced by directors appointed by the lenders to their subsidiary, so they didn't need to take an interest in the activities of the subsidiary, nor did they need to inform their shareholders or the market because sales and production were immaterial and the only material matter was the refinance. Have I got it wrong???????