Your question is not asked in a way that business works.
Have you ever taken a job and already known all there is to know about the financials of the company. Of course not. Does that make you crooked or incompetent? Of course not.
He knew it was bad but he has been through that before. This isn’t his first rodeo with the guy who put him in this company.
I don’t think anyone involved has ever seen anything like what they uncovered nor expected the mess they are cleaning up.
But I believe they are in fact trying to do an honest and legit restructure with a solid innovative business plan. But can they get past the existential threats? Time will tell.
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