RE:RE:He was forced outI think you just answered the question Seppelt. My best guess as to why the whole board wasn't replaced, and it is just a guess, is that John fell on his sword for the rest of the team.
The new "activist" does not have the votes on his own true, however, my guess is he has some other shareholders who want management changes too.
This could have been the best way for John and the rest of the board for that matter to get those new options deep into the money.
If there were enough votes in a proxy war the whole board could be replaced RMP paper is so cheap now that it wouldn't take much $$ for the whole board to go down. Just my guess, cheers Matthew