The ongoing losses and huge capital depletion could easily be explained by the existence of a stakeholder(s) with a priority other than the company's financial well-being and security.
MMC is a limited company with a set of directors none of whom has any malicious intentions towards the company. Indeed the exact opposite applies. I just cannot see how or why any such malice could actually take affect or the directors let it.
Good heavens Phil! Why would you think that malice could ever be a motivation in this instance?! I never alluded to malice and never thought of it. You missed the point. Let me give you a random example of one of many non-malicious, even noble motivations that can cause losses.
I saw a movie last night called
Class Action with John Travolta. Have you seen it? The story line is simple. A totally cynical lawyer and his firm represents a group of health victims, infected by an illegal dumping of toxic waste where they live. After filing a class action and dancing the right dances, Travolta and his law partners (on a percentage fee arrangement) bring the case to the inevitable bargaining table and get the insurers' Offer to Settle for the amount they were looking for, which, of course, is much much (2) less than the misery their clients were suffering. (That is how these things go.)
Suddenly, at the table, something in Travolta snaps at the injustice of it all and to the horror of his partners, he irrevocably refuses the offer in his crisis of conscience. Of course, the insurance company litigates unendingly, and Travolta and his partners go bankrupt with the costs of the case. None of the poor clients collect a sou. The film ends with him trying to explain to a judge in an insolvency court how he got there.
I believe the plot's lesson is that there are a kaleidescope of noble priorities that can damage an enterprise. Actually, the forensic study, curing and/or cleaning up of that was my profession..way back when I actually worked for living.
This thread was supposed to be about generating ideas to help and it is degenerating into critism of the MMC management and strategy again.
Of course. If you have become uncomfortable with this aspect of the thread, I understand completely.
Lorne