Well if they are even able to do that, they would be screwing one board member that owns only commons, one Ex-Ceo and his partner that have millions invested in the company, and then would be opening themselves up to a major lawsuit, because of contractual obligations. If they trash the company like you suggest, then the buying company loses the insurance deal, the key employees that make Forterus a 5 star facility, and own a lot of stock themselves,as compensation, would be in an uproar, and probably walk out. Doesn't make the company an attractive sell does it? Then they lose all their goodwill as well, which is considerable. Even if they could cash in their chips( and you are assuming that the BOD has no limitations on this matter) The equity far exceeds the debt, so if they somehow finagled their way into bankruptcy court, and that gets pretty expensive also, and would only depress the selling price- as the company loses clients, and it's good name..like I said, there's a reason this starting getting big volume on up to .09..but your worst case scenario is still far-fetched. because this company has large tangible, as well as intangible assets, and the market cap isn't 1/10 the value of the company..the BODs were looking to maximize the shareprice, but it didn't happen soon enough for them.. many shareholders flipped in the past, because when there was news releases, 50-200% profits were staring people in the face.
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