I'm objecting to the comment that the remaining board has little to lose. It's possible for sufficiently motivated investors, former board members, and employees to make their life awfully miserable.
Seconded, the board has a lot to lose and short of making a deal that defangs the tigers I don't see them just moving on with their lives. Especially not those board members that weren't independently wealthy yet.
Defending yourself against several lawsuits can be extremely expensive, not to mention time consuming. While the board members are almost certainly covered by the company's D&O insurance (unless they're not, which would be a ridiculous clown show), there's still a lot of arguing that can happen about which parts are covered by the insurance and which parts may trigger personal liability.
The point is not that these board members would lose the lawsuits - ianal and nobody knows the details well enough - it's that sufficient lawsuits can eat you before you win or lose them if you're not rich. AND subject you to discovery and a huge waste of time.
"I will bury you in legal fees unless you resign" is not a very nice or principled negotiating tactic, but it's a potential one, and it should be weighing pretty heavily on the mind of any board members who don't have a spare million or two to toss in a fire.
