$BRS management and the BOD were focused on preserving themselves. That was conditioned into them by Jonathan Bailiff (former CEO), and resulted in the appointment of Don Miller (CFO to CEO). This linear thinking led to the idea of walking $BRS into Chapter 11 under Mr. Miller, aka Mr. Enron. Also rewarding Mr. Bailiff with a fat golden parachute when he totally failed as a CEO.
I don't believe $BRS thought through anything, other than wait and see while the cash position of the company became impaired.
What Mr. Miller and the $BRS forgot is that $BRS shareholders own the company. The BOD only operates with the blessing of Common Shareholders. This is basic corporate governance, and applies to any company (OTC though NYSE). Management runs the company at the direction of the BOD, who themselves are empowered by the shareholders at AGM's or EGM's.
In the next AGM, the BOD will be entirely replaced. Which shareholder would vote for a BOD that wants to bankrupt the shareholder?
$BRS assets outweigh liabilities. There are net assets that belong to shareholders.
The best thing shareholders can do now is write to GVIC and express support for the proposed change in BOD, and offer constructive ideas so the new BOD (the GVIC slate) understand what shareholders would like.
Also write to the current $BRS Chairman, Tom Knudson, and express disgust at the way the company is being run, ask for the resignation of Don Miller, and ask the BOD to initiate claw back procedures against Miller and Bailiff.
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