Sometimes the original company gets nearly to the point where...

Sometimes the original company gets nearly to the point where they can start operations but end up swamped by so much debt that there is no hope of ever earning enough to service and repay that debt, and can't raise further capital to finish the project. In those cases a new buyer comes along and ditches all the original investors and most of the debt, finishes off the project, and reaps the rewards. Agrimin clearly thought they might be able to do that.

But the fact that they took a look under the hood and ran away is pretty clear evidence that the project is not anywhere near being a going concern.

While it's painful losing your investment, the creditors moving in has probably saved you from losing even more. The company was clearly intent on stringing this catastrophe out as long as they possibly could with more debt and more capital, all the while promising a production ramp-up. But the ramp-up would have been a mirage, always retreating whenever they got close, and needing more financing to leap that one last hurdle. You'd have been diluted away to nothing – or you'd have sunk even more money trying to keep the thing alive – and in the end it would have all come to nothing.