"If" AE made some moves before the new BOD took over to enrich himself at the expense of the company and shareholders, this would never stand up in a court of law.  He and the BOD then had a fiduciary responsibiltiy to shareholders.  Not sure if all the insider buying would be taking place if they thought AE could/would sue them and possibly get the company back or at least the assets.

Most likely outcome would be some sort of  negotiated settlement with AE.  Unless they have some hard evidence of AE wrong doing while in charge.

Steakhouse