Yes. They are indeed.Did First Cape lend out their shares to...

Yes. They are indeed.

Did First Cape lend out their shares to allow ADO to be shorted?

If so, what part if any, did Richard Martin have in this?

Because the shorted stocks was associated with a collapsing SP which meant many more shares had to be issued for FC to finance ADO.

This smashes LT holders value.

What made it necessary anyway? Profligate spending? Poor governance?

See the point I'm making here? It looks like a very unfortunate set of circumstances. A bit too unfortunate for my liking.

But if you're in on the joke, and holding your noses about the smell, it's all AOK.