This was raised by posters before but I doubt it:

If it is true that they went into the presentation without the will to convince anyone, than it's an insolence.

An insolence against Wainwright (I don't care). 

An insolence against potential investors (a pity and very dumb). 

An insolence against every existing shareholder (a missed chance for a broader shareholder base). 

Not a minute I want to believe this.