Companies continue on, while management rotates in/out collecting compensation.

Before Fung, and current management, there was a Crystallex.
There is no reason to think Tenor cannot appoint new management/boardmembers.
Maybe more of themselves. Keeps the cash cow paying out to the insiders.
They need not explore/mine. Just say they are, and collect compensation.
Being dark, it would be hard to discover any wrongdoing.
Tenor would not lose anything. Just continue the game.

Useless registered/unregistered shells are similarly used all of the time.

Agreed - Only Time Will Tell.