While revenue is declining, there's enough ARR so that this place won't fold overnight and still allow the ELT to milk it a bit longer. However, pressure will mount and this place won't be an ongoing concern. Should this place be taken over, all the people that actually do the work will get the short end of the stick and chump change. That is, probably laid off and some small sum. Whereas, ELT and their gangs will be taken care of with their golden parachutes and big compensation packages for running this place into the ground and delivering it to the suitor on a silver plate.
But would any company really want to buy this company? probably not but if they do they probably demand a round or two of slimming down first before they consider so they don't pick up much liability. Thoughts?