Misfit,
This message board has acted in concert rather well lately. Why not solicit contributions of a couple of hundred or so each from posters, get $10,000 or $15,000 together and hire a Canadian securities lawyer to look at the facts and give an opinion as to the legality/propriety of the new board's actions? My guess is an experienced securities lawyer would spend no more than 20 hours reviewing the facts and rendering an opinion. At $500/hr, we'd have an answer (or at least a darn good idea) for 10 grand.
Wouldn't many appreciate having an expert's opinion on this stuff? Maybe we'd all learn a lot about just how broad a board's discretion is in these matters - it might help for people to get a handle on that in general, not only for this investment, but for others.
Best way to approach it, IMO, is to get referrals to a securities transactional lawyer and to a securities litigation lawyer (assuming you or others don't already know someone). The transactional lawyer is hired to give the opinion, telling him/her that you already have someone else in mind for litigation, if there appears to be a good case, in order to make sure there is no incentive for the first lawyer to tell you what a great case you have, so his/her firm can make several hundred thousand litigating the case.
