I don't think the board can escape any responsibility for not overseeing and approving the questionable Business to business loans to a handful of companies totalling about $12 million which is around 20% of its entire capital CR.
There would just be no way the board can say they don't know about it or they did not oversee what management were doing.
Its either gross negligent in their fiduciary duty or they knew about the loans then that implies something else .
all imo
IOU 249D, page-11
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