It was a surprisingly abrupt eruption of hostilities between Endeavour’s board and the hotel and liquor retailer’s largest shareholder, billionaire businessman Bruce Mathieson, last week. And relations are bound only to deteriorate as both parties hit the pavement selling their takes on the company’s ailments to other investors and analysts.

Then there’s the matter of Bill Wavish, the former Myer chairman and Woolworths executive whose election to the board is ostensibly the reason behind the blue between Mathieson and Endeavour, run by chief executive Steve Donohue and chaired by Pizza Hut executive Peter Hearl.