Notwithstanding it's water under the bridge, I'd like to know how The Board and Executive Managment team as a whole believed there was material investor demand to support the Naz IPO only to discover at the last minute there wasn't, at least insufficient to make it viable.
It was a catastrophic strategic misstep that has caused significant damage to the company's reputation/image, cost a significant chunk of money and, reading between the lines of the various bailout refinancing term sheets, brought the company perilously close to collapse. If it weren't for C2 Ventures actually having the ability to fund this they would be toast.
I don't believe you can entirely blame market conditions. There is still plenty of venture capital around for good prospects. It's not as if they were after $100M. At the moment there is no evidence of external investors lining up for the opportunity except those existing shareholders who intend to participate in the pro-rata entitlement offer.
A conspiracy theorist might think the entire NSADAQ fairy tale was a deliberate attempt at sabotage by unnamed parties for the purpose of placing the company in exactly the position it finds itself in now.
It's like a Chapter 11 when you're not having a Chapter 11.
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