I once worked for a company that was losing money. A new board of directors and CEO appeared by some mysterious process that no one understood. One of the first things they did was to give themselves a deferred compensation package, payable within three years, with a minimum cash payout worth more than the entire net assets of the company, and this was only the tip of the iceberg with regard to the shady dealings.
Originally Posted by Ian Grant
Authorities from several levels of government were alerted, but they did not lift a finger. A few years later the company was de-listed from the stock exchange for not having an elected board of directors, but it was too little and too late, well after many shareholders lost virtually all of their money invested in the company.