Inn 2011, Inwentash paid himself a $1 million salary and a $32 million bonus. The self-directed largesse was jaw-dropping at the time, as Pinetree in 2011 lost 66% of its value, dropping from $4.17 a share in January 2011 to $1.41 at the end of December 2011. In 2007, the stock touched a high of $16.15 a share.

While there is no doubt that the collapse of natural resource investing in Canada since 2011 played a major part in Pinetree’s current predicament, it is hard to overlook the behaviour of a CEO who routinely put his interests above those of his investors once trouble began.

http://www.midasletter.com/2015/01/inwentash-pinetree-capital-default-induced-board-shakeout/