So if there is a C/R - how much will be needed, page-13

Yes that's right. I see the problem as one of boards in general being incentivised to take too much risk also.
Rather than issues with particular boards, when the risks pay off they are showered with praise when they fail they are villified. It seems a very fine line.
SGH, ARI are worse examples than MRM.
They were both pretty clearly headed for bankruptcy where MRM could still pull out a blinder.
Only reason the banks haven't pulled the plug on SGH (yet) is they need them to complete cases to recover cash.
Iron Ore was always ARI's millstone, they went into high cost production at the peak of the cycle.
On the other hand there are plenty of cases where these situations create opportunities for contrarian investors but it needs to be certain a company will survive before you would buy.