So tell me, which member of the "executive staff" of JBI would you say ISN'T a waste of shareholder's money ? Which stellar performer has earned the money that has been squandered on their presence ?
You are overstating the role of an independent (non-employee) director. Your post:
Nowhere in the company's Articles of Incorporation or Bylaws is there any requirement imposed on a director to locate and secure a Board of Directors that meet specified criteria. Nor is there any provision in those documents that would permit the company management to alter the duties of the directors by contract with third parties (to which the directors are not parties or signatories). Mr. Wesson apparently took it upon himself to attempt to secure board members that met the requirements of the Subscription Agreement/Side Letter, in an effort to further the best interests of company and shareholders. This is not a "specific task" that can be assigned to a board member, because a board member is not an employee and cannot be assigned such tasks from company management.
If you examine the corporate documents and applicable statutes, you will see what a board member is required to do. Searching for board members that meet criteria imposed by management and/or investors is not among those obligations.
That said, it appears there are a number of potential candidates under consideration. The fact that they do not all meet all of the criteria imposed by the Subscription Agreement/Side Letter (which, again, the board members are not parties) does not mean that they (or some other group of candidates) is not qualified to be a director of JBI. The qualifications set by the Subscription Agreement are not minimalistic, to say the least:
I do believe it would be very difficult to find 5 board members who not only are currently sitting on the board of at least one publicly-traded company with a market cap of at least $700M, but have also served on at least two separate boards of publicly-traded companies with a market cap of at least $700M for a minimum of 3 years, and would further be willing to serve on the board of a start up company trading as a penny stock on the OTC. If you think otherwise, I would encourage you to present your ideas to company management.
Ultimately, I think all will agree that getting skilled and honest independent board members seated, regardless of the market cap of companies they have previously served, is in the best interests of the company and its shareholders.