Amid all the salacious claims and counter-claims flying in the duelling Bubs campaigns, perhaps the most salient strategic issue facing shareholders at the July 27 meeting is whether they want to continue the relationship with Bubs’ daigou partner, AZ Global.

Bubs’ current board, led by former King & Wood Mallesons partner Katrina Rathie, argues AZ squibbed it, failing to move truckloads of infant formula in China that now sits clogging up warehouses and depressing its ability to make any new sales. It’s suing AZ for $5.6 million in allegedly overdue debts in Hong Kong.