placing: fools or thieves ?, page-8

Morefish,

I think the only mistake they made was not raising more capital at a higher price; but let's not forget the conditions for raising funds for small coys has been extremely difficult for some time now and they simply may not have been able to get a reasonable deal over the line back then, when price drivers (HW3) were still a way off.

I'm all for holding mgmt to account but at the same time I would ask you the question: what do you propose they should have done differently in the managing of company capital? Aside from the possibility i raised above (which may not have been feasible at the time anyway) is there a way they could have not ended up in this exact situation, given the prevailing market conditions and the chronology of the current drill programming?