directors have been backed into a corner, page-7

I agree.

I'd also really like to know what was said at those meetings for them to cave in.

I guess we can only speculate, but it must have been enough for them to take the action they did.

I also don't understand the case for only a two cent increase. Hard to come up just that amount no matter what you factor in.

IMO it might have been a case of the spoiled brat syndrome: "Since I/we are going to get the sack I/we might as well ruin it for everybody".