Shareholders are obviously in it to make a buck. I suspect the only people holding QF shares right now are those who have blind faith and no brains. Certainly with the future outlook as it is there is no way of telling what the price will do. Some will buy now hoping its the low they have been waiting for but others will remind themselves of Ansett! Either could be right.
As far as punishing the board, that's done via the share price and thats just what's happening. Personally I believe this is all part of a master plan to unravel the IR mess they have with the various employee groups. Things could get much worse before (if) they get better and at the end of the day the price may never come back.
SN