I didn't receive the letter from JM, but as far as the director...

I didn't receive the letter from JM, but as far as the director insurance goes wasn't it the outgoing board that cancelled the insurance prior to leaving? And wasn't it this act that made it extremely difficult for the new directors to be able to take out new insurance? No insurance company would touch them under the scenario the company found itself in. So why did the previous directors cancel the company insurance? What right did they have to put the new directors in that predicament? Sounds vindictive to me and certainly not in the best interests of the company.