Ann: Preliminary Approval for up to US$657m in Funding from EXIM, page-120

You need perspective. The world isn't fair. I also think you need to give the board more credit, especially on the back of today's announcement, and assume the best until proven otherwise, rather than jump straight to the worst.

If on balance, you're unhappy with today's outcome, its hard to imagine when you could be happy. Sorry, not meaning to stir, just suggesting you focus on the 97% fantastic news, rather than the possibly (thought not certainly) 3% bad news.

It seems to me the preliminary approval is dependent upon an immediate CR, to ensure IBG as a going concern. Just speculation. But you are speculating too. So on balance, given the available information, which is more likely: that the board had enough skill to raise the entire capex, but failed on a $3M raise? Or that they did what is necessary to secure the $657M USD loan? IMHO, the evidence points to the latter.

Your grass is going to be very green. You don't need to be envious of whoever got the $3M placement. Stop sweating the minutia, and look at the big picture.