borderguy - I'm speculating, but the lack of quorum for the AGM may be what saved the current BOD and the CEO from immediate dismissal. I would certainly be interested in seeing the results from the voting associated with the AGM that were never made public.
If the recap succeeds, then the current common equity owners will have far less say on who will be on the BOD. I guess it's possible that Tellier could continue to survive if the new owners wanted him. However, they could just as easily look at this track record and say they can't afford to have the company value run down again and he has to go. And... once the recap is settled Tellier will have served his purpose so why take the risk of keeping him around.
WRT protection for investors, it doesn't seem like there is much going into this from a regulatory perspective. In the case of Yellow Media, there is no law that prevents a CEO from running a company into the ground. The only thing a common shareholder can do is vote against the current BOD and hope enough of the other shareholders think the same way. In hindsight, it's usually best to sell your interest and get out rather than take up the cause, at least in this particular case.
From the perspective the recap I believe this is much closer to the edge of the law but I'm not sure it actually breaks it. And... I don't really know if it will ever be investigated, and even if it was, and wrong doing was found what could it possibly mean to investors?