Watch here.Listen here.Rhys Summerton bought into a company that had lost 99.5% of its market value and told the independent directors their pay was being halved on day one. At BNC#9, the Milkwood Capital founder and iOCO joint CEO laid out how a fund manager turned operator actually runs the acquisition game: why control of the cash flow matters more than a board seat, why he thinks South Africa's King Code has been "not net positive" for corporate governance, why US executives paying themselves 4% of market cap is a warning sign, and why he wants nothing to do with companies burning billions on AI capex..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox every morning on weekdays. Register here.Support South Africa's bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here.