Re: "In the case of insolvency I don't think the board will have much choice"; this is a key point to understanding my essay. Imagine someone winning a huge lawsuit and the WMF not being able to pay. Or imagine a really bad scandal (something like The New York Times publishing conclusive proof that the WMF is a front for ISIS) and donations drop through the floor, followed by the WMF continuing to increase spending until they run out of funds. None of these doomsday scenarios are likely, but they are not impossible either.
