Fencepost , you are making an illogical argument: Not only is...

Fencepost , you are making an illogical argument: Not only is Fred the largest shareholder thereby having the most to gain or lose, but all shares rank pari passu; whatever he does has the same result on his shares as every other shareholder.
He takes almost nothing in directors fees and takes no salary. He has ensured ,since the beginning, that the Company remains viable by providing continuous funding either himself or with a few serious, sophisticated investors and minimising dilution.
How does all of that equate to “ doing the right thing by shareholders “?
Your argument holds no water.