I don't think there's any conspiracy amongst the KAR mgt, more...

I don't think there's any conspiracy amongst the KAR mgt, more of being naive that this sort of thing does indeed go on. The more stock savvy CEO's and boards know this does take place and hire a brokerage firm to stand guard for them. Costs a little bit but not as much as the erosion in share price and confidence it has cost. They choose to believe the ASX "stands guard over unfair practices" and watches out for them. They believe the "market" will determine the fair price. That's a bunch of hooey.

The same reason banks hire thier own guards. Where there is value someone will try to steal it. Don't rely on the police to protect you, watch out for yourself.