It wasn't done hastily. Anyone reading the quarterly reports new...

It wasn't done hastily. Anyone reading the quarterly reports new they would have run out of moo-lah in April - if they didn't raise some. Once they did, they were insolvent: meaning its liabilities were greater than it's assets (i.e. they couldn't pay their debts). And company law (the Corporations Act) prohibits companies knowingly trading insolvent. So they didn't have a choice. Well that's not true, the Directors did have a choice but the option to keep trading while insolvent and then going to jail would not have been appetising.