The directors of Buckhead Community Bank wanted to make Buckhead a “billion-dollar bank.” So, they set out to execute an aggressive growth strategy. To implement the growth strategy, the directors expanded the Bank’s loan portfolio by automatically approving any loan worth below a certain amount. Many of these loans failed, costing the Bank millions. In late 2009, the Georgia Department of Banking and Finance closed the Bank, and the Federal Deposit Insurance Corporation was appointed as the Bank’s receiver. As receiver, the FDIC sued several of the Bank’s former directors and officers. The FDIC alleged the directors were negligent and grossly negligent in approving 10 risky loans. The directors argue that they are protected by the business judgment rule. Specifically, they argue that they did not attend any of the loan approval meetings and thus “did not participate in the decision approving the loan[s].” Is this defense covered by the business judgment rule? Why or why not?