Atx you are right except that DC was acting in the interests of...

Atx
you are right except that DC was acting in the interests of shareholders by avoiding another 249d as he, as chairman, felt another one would sink the ship. and if another one had been called then rr would probably have walked away in disgust anyway!! Remember, the offer was subject to dd and docs and needed probably 60 days of documentation and dd like real investments (not equity lines) do.

IW is not and was not at the time a director (we have to go with the reality of the situation not what he would like to be true) so you may think he behaved appallingly (you are entitled to your opinion) but he cannot be held to the same level of account as a proper director.

IW was made a special advisor (not a director) - a position with no executive authority but sounds good. When you had young children and they whined too much did you ever make a big fuss of them and tell them how special and important they were just to shut them up for a while so you could get on with grown up stuff?