When there is a cancer you don't just cut off the skin around it...

When there is a cancer you don't just cut off the skin around it just because its had the bad luck of being associated, you get rid of all of it and then blast the whole area with radiation. And re-using that analogy, you don't leave the cancer and put in skingrafts around it expecting that to be the cure.

Team up with the major shareholder, sack the whole company, find a good corporate finance team and recapitalise using their expertise and management skill. You know, the way every other shell has ever rebuilt value.  Otherwise this just continues to be a farce.