Haha thank you for providing it in a way my simple mind can understand.
You are correct the D&O policy is the one they usually take a crack at. There is no other avenue available to them as I doubt the Directors have enough personal assets to spread around to shareholders.
As we know, insurers don't usually like paying out big sums of cash though do they? As these types of claims have become more common, the wording of the policies has become extremely tight so I'll have my fingers crossed for shareholders that there is some room to move in this one for Banton otherwise this thing is going to come to a screeching halt real quick.
Interestingly, did you know that Receivers or Administrators can make a claim against the D&O policy on behalf of the Company against the conduct of the Directors? I note that has not happened here. I wonder if we can connect the dots on this one. Lords knows my simple mind can't
SO4 Price at posting:
31.0¢ Sentiment: None Disclosure: Not Held
