What legal consequences are you envisioning? Directors often ride a horse until it can go no further than simply call in administrators to deal with the corpse. Rarely are there any implications for those that left it in that position.
If on the other hand if the board have broken the law then ceasing to be a director is no protection.
It would however be very interesting to see the historic content of MMs email box and marry up the information from others with market announcements. I think everybody deserves to know if they were ever close to a deal and what was the genuine situation in 2018 when they made very bullish comments then all dumped million of dollars in stock shortly thereafter which appeared to be done in such urgency that at least one of them sought and was granted clearance to sell during a closed period.
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