You and your spouse invented a lotion/gel/cream that restored human youth, though you only wanted to lesson/diminish joint pain as you were getting older. Somehow this product penetrated deep into your bones and restored your joints, put back loose/missing/ weakened cartilage and soon you were jumping out of trees without hurting/breaking any bone. You could do things you had not done in 40 years. You begin selling your product out of your kitchen, then garage, then small store front, the one store, then 100 stores, then you finally ask yourselves "Do we want to become a company that has an Initial Public Offering, to offer stock in your company."

You both want to act as Co-CEO/President of the Company, and Co-Chairman of the Board and jointly make decisions. At first all is well, but soon other members of the Board are "playing one of you off the other" and soon mounts to many second-guessing decisions and lots of internal turmoil. The company's other C-suite officers don't know who to and don't know who is the "captain of the team."

Soon, it is discovered that one of you, without Board approval, has purchased ten $100 M yachts, 5 islands in the South Pacific, and 3 Castles in Europe, and one of you are trying to claim these purchases are the Corporation's assets and not personal assets, for tax purposes.

Moreover, the product apparently only had a "5-year" life span, as customers, five years later, are returning to their old age look and feel, and have physically deteriorated to 10 or more years older than their current age. The stock price just plummeted. What are the legal issues? In order of most critical to least critical, what issue must be addressed first? Give your reasons. If the Corporation attempts to dissolve, what should the Corporation take into consideration?