Wow antisub, someone who actually gets it.
That is what happened with IBAC exactly. Ed has to step in as CEO, but by then the damage had already been done.
Things were not going so well with the hotels. The former CEO started double billing customers, committing credit card fraud.
Ed stepped into a huge mess, tried to salvage the company, but by then the company was bleeding $$$. It was too late to save it, so Ed got the blame for everything. He was later vindicated in a civil case, but no one seems to remember that.
Investors lost allot of money, and Ed lost a few million dollars of his own.
BIHC was a case of stock manipulation from outside of the company, and bogus complaints to the SEC that resulted in suspension.
Ed has now come in to clean up the mess, but this time he is not up against a failing business, or taking over for a criminal CEO.
JMHO,
SpongeBath
