depends on how you look at it.
In this case the directors are also part of the management team. They might likely have pledged their shares to be used as working capital for tt international. the bankers probably liquidated the shares as they foresee a high probability of default (if the company is not already in default). tt int acquired novena only in 2007. so as it is, there'll probably be some internal restructuring and some of the company assets (e.g. novena) might even be sold off. operationally, it's probably in the stakeholder's interest for novena to continue operating (so long as it's still profitable).