Not saying you're to blame for others losing. You're right, everyone makes their own decision. My point was that if you were incorrect about the plan the last time, at least hold open the possibility that you're mistaken again this time.
"Wouldn't you agree that would ONLY occur if there are no potential companies willing to buy them out or take them over?" No, I wouldn't agree. The business judgement rule gives a lot of flexibility to a CEO.
I'm sure there were companies willing to buy out RadioShack, or Blockbuster.
If I came in and offered $100 for the goodwill of the brand, would that have been an offer that management HAD to accept? Of course not.
Here's what Dr. Simpson would say:
On August 1, 2017 I received an offer to buy Delcath and all of its assets for $100M.
I decided that the better course of action would be to keep the company intact and move forward with plans to monetize after FDA approval. So, I instructed my attorneys to draft another reverse split prospectus, and solicit the shareholders for approval.
If there's no approval, and the offer is still on the table, would she be legally required to take it? I still don't think so. Again, what if the offer were dropped to $1,000,000? $100,000? $1?
Just because there's an offer and no other alternatives doesn't mean she has to take it. The alternative she does have is to go into bankruptcy protection and try to restructure.
It's the same principle as if I owed you $100,000 and my house is worth $1,000,000. If someone comes along and offers me $100,001, do I have to sell? No. I can file for bankruptcy protection, and try to work out a payment plan with you -- or use the protection of the court to solicit more serious offers that would compensate you without destroying me.
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