@Beachcomber4 - who would the litigation be against??? Board and executives are indemnified by insurance paid for by company... unless there was a criminal action that occurred... very unlikely to even make the court. Read this thread from the start - may learn a bit from it.
They made a deal to try and save the company - but too much damage had been done to the reputation - they then failed to comply with terms of loan (which was the only loan they could get at the time - high risk... high cost) and the company windup began
