The lenders once held 70% of the equity thus giving them 3 board positions. Just because some of them sold down some equity doesn’t remove them from the board they either need to step down or be voted off. In selling their shares they have sold votes - so hopefully if/when they are put up for re-election there are enough votes to remove as they don’t bring a whole lot to the company moving forward. And one could argue they don’t have shareholders best interests at heart
