lets go with the facts

.... and forget the emotions for a while.

According to my E-Trade research
Substantial Shareholders List
Date of Change Shareholder Name Shareholding % Shares Held
13/08/2007 Cardanal Pty Ltd 62,427,273 5.22 %

IMI has about 1.1 billion shares.
Blackhawk1 you are right, at 0.002c it costs just 2.2 million to pick it up. But lets say some shareholders don't want to sell that low, so if they come up with 1 c, that could do the trick. It would be still cheap if someone, who sees potential in the products, could market it Aussie / Worldwide.
The other option would be someone buys online for 1c until they got 50%+ % of the shares, is in control and develops the product / company.
That way the non-sellers could be satisfied over the long term, the short term holders could go out with a small profit and the company buyer / investor got him / herself an uncut diamond for the price of a piece black coal.

Now to the emotions.
Of course " Conflict of interest " could mean that Glenn works for other companies or government institutions that have close business relations with IMI and to avoid problems he resigned. Of course in that case he could have told us on hc about it. Or they were fighting about a new strategy and couldn't agree on that orrrrrrrrrr what " coffin " they would like to bury IMI in ( just a joke ).

Or, everything is lost. But why do they wait to inform the market knowing that we communicate with Glenn and saw his share selling.

Now, we are still not smarter then we were before, but at least there are other options than just the "Going down" way.