I think the company got blindsided. Not that that exonerates management fully. It could be Mika was told to stand down on new financing by Suresh. Or it could be that Mika told Suresh not to worry if things got delayed or sidetracked, that he'd be able to raise money fairly easily. 

Not sure if any of our posters knows which scenario, if either, went down. 

The one thing I would love to know is whether the "blankety blank" preliminary prospectus doc that was brought to our attention was necessary to be filed (it was plucked from SEDAR, right?). That blank-laden doc lit a predictably very short fuse to a very powerful powder keg.  A great shame and one that has certainly changed the financial life outlook of too many loyal Agoracomers.