Shareholders of Michelex. If funding was provided to Michelex and Pristine per the original agreement, and if the company was run in a transparent fashion with the goal of creating shareholder value, there was a good chance that the share price would rise, volume would increase and a higher 'floor' for the share-price could be established. Thus, Lacle, Shah, Syed, Saleem and Kakani, as shareholders of Michelex, stood to gain, just like any other shareholder. (Of course, they stood to gain a lot more than most as they had more shares than most investors.)
That's who I think stood to gain. Who do you think stood to gain?
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