If the BoD believes(like Gloria said) that investors had their chance to make a profit a few years ago when the stock price spiked, they may not have the confidence to buy at 8 cents.
If the BoD believes that they can deliver shareholders a second chance, then they are not displaying confidence (by not buying at 8 cents).
So, who is really bashing who?
Looks like the BoD is bashing themselves.