Another Equity Raise Needed This Year, page-81

The number you called is Apollo which is the registered office & are essentially key management of PNL, also the owners of Piedmont - look at their board; Middlemas, Taso and Swan all involved in both

Good indication on why this has failed really. These guys were successful in a boom era and now the reality of having to do real work probably scares the shit out of them - even if they wanted to they are spread too thinly across too many projects. The people they've brought in as trusted advisers haven't been up to scratch and incentive for them to turn it around isn't compelling enough clearly. 

On why the same building contractor can do the work successfully for Alliance and not for PNL - you'd better believe Alliance are project managing the shit out of that. PNL clearly expected it all to just happen.