Ann: Trading Halt, page-231

Could've backfired too if you're only half way though a book build and it fails. Then you're in trading halt with a public commitment to raise funds. Then you come out of trading halt with the big end of town knowing you couldn't raise all the money you were hoping for. You might end up much lower than 67 cents.
Just saying, there are different what-if scenarios. So long as Mike didn't break any laws (i.e. didn't lie about there being a mandate in place when there was) he won't lose much credibility, especially amongst those who really matter.