When will the investors say enough is enough?

Can someone explain to me how MH has been CEO for so long? The numbers have gotten worse every quarter for, what, 5 consecutive years? MindTap flopped, and the company was caught sleeping on rentals and now OER. He has a new excuse on every investor call that boils down to “we saw this coming, but just wait until next year!” When will the investors say enough is enough? He seems to be throwing anything and everything at the wall (rentals, unlimited) just to buy time while cash burns and the debt piles up. All of his original c-level cronies left or were run out of the company. If this doesn’t change, the company will be taking a second trip through bankruptcy court very soon.

Valid questions and valid points by @XAA1weM-jwm . I was wondering the same thing.

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MindTap flopped? That's news to me.

One thing that occurs to me is that the company is still owned by private equity vulture investors. Considering that MH pays them dividends (financed by debt, which is insane) the investors may not care all that much about the performance of the company, or its long term health as long as they can continue to s--- cash off the balance sheet. Once the company is broke and can’t make an interest payment, the investors will finally throw their hand in the much and liquidate the company.

Thread regarding Cengage layoffs

When will the investors say enough is enough?

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