@TDracer
Had he declared a Mayday then the resulting investigation would have had far worse consequences than post @MungoP suggests
They would have slung in jail the next day the company ceasing and the possibility that during the investigation various other "activities" might have come to light. All of this may have led to him suffering what might be termed an "accident" while in jail.
So I can see a situation here where the options for him might have been:
1. Carry on and hope he gets away with it on the basis that it won't happen to him.
2. Declare an emergency and then the sh*t would really hit the fan for certain.
So he simply cannot declare a Mayday due to the perceived consequences - until of course the whole thing collapses, it is too late the fuel has run out and the panic takes over.