What goes on at James Crean would be hilarious if only the collapse of this former blue-chip company had not become such a financial disaster for its shareholders. However, the latest announcement of the resignation from the board of Matt Kwasek really takes the biscuit.

Mr Kwasek runs Crean's American food business, the only part of Crean that is left after the demerger of Oakhill. So it would be reasonable to assume that the man who runs Crean's only operations would be a key decision-maker on the board.

But no! Crean announced this week that because of the recent downturn in the American businesses, the demands on Matt Kwasek's time have been so great that he has had to resign from the board.

Mr Kwasek, of course, is not quitting the Crean board with an empty wallet -last year he received a total pay package of €826,000 - more than double what he got the previous year - and that included a bonus of €528,000.

Mr Kwasek's resignation may be linked with a possible management buyout of the American food business, a move that might generate a few cents for Crean shareholders. Otherwise, the only hope for shareholders - unlikely as it may be - is that Ray McLoughlin finds some way to take Crean private. Don't hold your breath.