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RE: Did Steemit Inc have to act by law?
Basically everything anyone suggested Ned do in the last week would have opened him up to a shareholder lawsuit. That's part of why it was so appalling.
Theoretically it would have been possible to call an emergency board meeting to make some of those decisions, however.
Since we don't know holding details or even who's on the board, it's hard to reason beyond that.
Yep, this is conjecture alone as i don't know the structure of the company. Maybe Dan is still on the board. He didn't take half the stake at least.