"They may have failed to understand another’s fraud, or greediness"
NO, they failed to understand their own cash position.
The basic situation was very clear. They had a burn rate, and a time 'till revenue. They needed to have solid plans in place, and they obviously didn't.
This is really not complicated.
"we know nothing"
WRONG! We know there was a significant dillution, we know they could have minimized it by acting earlier.
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