I was referring to a members' voluntary winding up, as distinct...

I was referring to a members' voluntary winding up, as distinct from a creditors' forced winding-up. This allows shareholders to extract some value from company asset surpluses (net physical assets per share @ 31/3/12 were $2.32; current share price is $1.24).

If management is too inflexible to adapt to the changed operating environment, should we further reward them for non-performance?

Whether we liquidate voluntarily or passively let the market do it for us, aren't these people leading investors to financial oblivion?

Time to find a team that can replace the current group to get results.