Isn't Yates still on the board?
Isn't Yates still employed?
Doesn't Yates still hold many millions of shares of VEND stock?
Didn't Yates choose most, if not all, of the "independent" directors?
As far as I can tell, Ryan Polk is probably a decent guy, probably a straight shooter, but I don't think Yates has "ridden away into the sunset", and his influence still seems to be strong. For all we know, Yates is still calling the shots.
Also, I don't think anyone in Polk's position could be unaware of the misstatements and mischaracterizations in the company's filings. I sympathize with his position, trying to walk the tightrope of keeping the company alive long enough to recapitalize it, but it reminds me of Ken Lay and Enron - Sometimes it's better to just come clean, because otherwise you may, with only the best of intentions, make yourself part of someone else's scam.
The only chance here is if Yates were to walk away completely, with no job, no equity and no other rights. He is the one responsible for ripping the franchisees and investors off, so he's the one who should make it right. I know that won't happen, but the next best thing would be a bankruptcy where the franchisees and other creditors get a shot at taking over.
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