If you didn't read our back page neighbour Tony Boyd's take on the meltdown at RCG Corporation on Tuesday, you should. The footwear retailer downgraded its FY17 earnings forecast a second time on Monday, having promised $90 million in EBITDA at its full-year results announcement in August last year, then nudged it southward to between $85 and $88 million at its interim result in February. On Monday, it was revised again to between $74 million and $80 million. Its shares headed in the same direction, down 27 per cent to 65¢ at the closing bell.

The company's directors will be relieved to have relieved themselves of so much stock in RCG's far happier FY16 – $38.5 million of stock to be precise. Yes, on March 4 last year, five of the board's 10 members sold down at $1.50 a pop. Chairman Ivan Hammerschlag (who made a bucket out of Freedom Furniture) cashed in $9.6 million, co-chief executive Hilton Brett trousered $5.5 million, CFO Michael Hirschowitz took home $6.75 million, non-executive director David Gordon (who is also chairman of the sinking Ten Network) made $8.85 million while Athlete's Foot boss Michael Cooper made $7.8 million.