After these last few weeks of disaster I'm trying to understand...

After these last few weeks of disaster I'm trying to understand the managements thinking. Only a company in a desperate situation could find themselves in such a position. I still find it hard to believe things are so bad, certainly nothing that's been disclosed to the market points to this.
I really want to believe there is a positive spin on all this somewhere and all will be revealed but with every announcement I see more incompetence.
Who's going to take up the rights issue when you can buy cheaper on the market?