“I wouldhavethought it doesn't take a highlevel of intellect to workout that a trusteecan'tusebeneficiaries' moneytocompensatebeneficiariesforthetrustee'serrors.”
In this case the initial error was to the advantage of the beneficiaries (in the form of an over-distribution they received), not to the advantage of the company and its shareholders, so it was essentially a case of the beneficiaries compensating themselves, i.e., receiving a subsequent lower distribution to offset the unduly higher distribution received prior.
Sure, procedurally not 100%, but hardly an act of egregious malfeasance which defrauded the beneficiaries, or prejudiced them financially in any way.
As for “hopeless performance” and “cavalier attitude” of the CEO, sure it is appalling and unbecoming of a person of his standing, and it certainly warrants strong criticism, but poor performance and cavalier attitude - however unwelcome they are - do not breach any laws, as far as I’m aware.
.
IFL Price at posting:
$5.59 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)