@VSPRAOO :-
The important point to consider is - why did the stock became a cigar butt in first place? There can be various factors at play and corporate governance is just one of them. Your opening post reflected only those cases and then reached the Buffett conclusion of buying quality stocks at reasonable prices. In fact, the 2 factors in this statement - QUALITY and REASONABLE price are equally, if not more, subjective than the cigar butt idea.
I have a few cigar butts examples that were cheap for a reason but then went on to become more than thr last puffs. Will share those in future posts in this thread to keep the discussion moving forward. For now, I request you to go thoroughly in VP posts to find those examples yourself. Others can pitch too.
The mentioned thread is a sort of summary of such examples.