i was told that the board and David resign due to karl refusing...

i was told that the board and David resign due to karl refusing to step down. On top of that the board instead of doing their duties and voting to dismiss karl, they instead resigned which then caused a breach of loan contract. So the board should be held accountable for not doing their duties which they where elected for and paid to do.
It was also mentioned that one reason receivers where called in was also to try to clean up the company of people like karl.