I looked in to taking over a different company in the same circumstances and talked to a corporate lawyer who knew what he was talking about. He told me it costs big bucks (6 figures) and usually did not accomplish the intended results. (He could have said "Let's go for it" just to get the money.)
That being said, if there is a corporate lawyer on the board who wants to do the work gratis, everyone else could cooperate and try to get what information he would need.
DD
Whatever I say is my opinion -- and I don't know anything, so don't listen to me.
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