I agree with your legal logic, and I also doubt that Turrini will see a dime if there is any proof of embezzlement. He may actually end up owing the company money, but Diac will be a more sticky matter.
I agree - the Receiver SHOULD tell them to collectively back off & walk away.
Will the receiver do that though? A lot of how we end up will depend on how hard a line the receiver takes with these guys, and at what point the reciever choses to draw a line in the sand in the history of this company.