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Yes they may hold large holdings at higher levels but my point is they may have already accepted that money is lost and be waiting for the end. They are not going to jump ship as they are still making a solid salary for really nothing. They have achieved nothing for the shareholders except a 98% decline in the share price in a space of 4 years. If we make money on this is it not because of the managements skills but luck.
They state they have the skills to improve value for the shareholder but based on their results they appear to have the skills of a chimp (no offence to chimps).
If I produced results like that I wouldn't last a week in my company and even if I did perform so poorly I have a conscience and would have fallen on my sword way before making a mess like they have created.