I agree with everything you're saying. I've been arguing for a...

I agree with everything you're saying. I've been arguing for a while that the point where this thing got way out of hand was at the point where the instos invested the $100million. But really, it's their [instos] job to do the DD before they invest. Were they 'duped' or were they just lazy and suffering from fomo?

I reckon the latter. Before you write a cheque for 100 bucks, you'd want to be doing a fair amount of DD, like for example calling investigating the contracts.