I don't think it's right to say EH 'bolted' from TPT. She had...

I don't think it's right to say EH 'bolted' from TPT. She had lost the support of the major shareholders who were very strongly opposed to the merger, so it was entirely appropriate for her to resign. Arguably, it would have been inappropriate for her to stay.

JKA's managers are a bit harder to defend in this regard though because nobody was pushing them (the merger didn't fail from JKA's side). But considering they presided over a period of significant shareholder wealth destruction, it is reasonable IMO for them to leave. They did a good job in assembling the portfolio in the first place, and arguably they weren't responsible for COE's bungling of the HW-3 drill, but one of the things of being a leader is that sometimes you have to accept responsibility for things that weren't entirely in your control.