I would like to add an addition on my earlier post. I wrote it late at night with some haste, and it wasn't as clear as I had intended.

If you are a board member of a publically traded company, then you should be privy to all information at the board meetings. Aside from meetings, pertinent information should be circulated to the Directors (if one knows, they all should know, type scenario). This doesn't always happen though.

"Behind the scenes" activity may restrict information if awaiting confirmation, verification, direction, pertinence, etc. These are the grey areas that could be worked with. Aside from that, anything substantial or concrete should be accessible to the Directors.

I am unaware of how often or regularly the board met, but all members should have been up to speed certainly at these meetings.

My previous post meant to imply that top management could have access to information that have not yet been disclosed to the board, and if someone like Sheldon were removed before this information were discussed through memo or meeting, then it is possible that he would not know everything.

If anyone is able to add information as to how often the board met, it might offer further insight as to who knows what and when. (Please post of PM me if you have this info at your fingertips)

Regardless, Sheldon would not be able to act on knowledge he has acquired as a board director without risking heavy legal consequences. I don't think he would be that reckless. His actions and reasons are his own.

(IMO) The new management wouldn't have been brought on board unless things were near ready to go. Taking things to the next level however doesn't mean deals will be stuck immediately. A lot of foundation needs to be laid. Many factors at play. Other companies involved. An industry involved! Plenty of stones to lay to establish a reputable, sound, company...Sheldon leaving is just one of many.