holders may get some respect

Todays Advertiser business section states

Arrium shareholders say a class action against the companys former management is imminent thanks to the backing of a mystery international backer.

goes on to say

groups 700 members had entered into a non disclosure agreement with an overseas legal firm and that the launch of a claim against Arriums former management was immenent.

So looks like those managers could be becoming broke as they would have to defend themselves.