The current executives salaries should be cut by 70%, and the remaining amount tied in with performance bonuses.
You don't need to realize any loss by selling the share on market. If a company goes into liquidation or administration you can claim a capital loss as soon as the administrator declares that there is no chance of shareholders getting any further return or dividend from their investment.
At .003cents most shareholders current holdings are currently worth next to zero anyway. May as well hold on to see how this one plays out.