Main Reason BAL Is Cactus!, page-81

I agree, the responsibility lies somewhere amongst the Chair, CEO and CFO...there is a symbiotic relationship between the CEO and the Chair and the CFO is always highly depended on. It has become clear after the fact that some of the independent directors were raising concerns with the bounds of the boardroom but having to operate as a collegiate they got may well have got voted down in a boardroom vote.

The writing was on the wall relates not so much to what came out of the mouths of BAL but the asset light business model, the revenue risk from a narrow revenue source, the odd performance of market share (now known as daigou), the awful website that looks like a plunket society happy day baby photoshoot for new mums, the dribble that got pushed out on social media...and yet the financials were never completely transparent and just didn't add up. It was never a yield play and its market value growth was stratospheric but on one revenue platform. By the way its protege appears to be taking the same path, two guesses who that might be. I think the writing was on the wall, yes.