wave's loyalist investors have visited this tragedy on all owners of wave. and now some of them delight in the opportunity this has caused.
with a stronger governance structure, this scenario would surely not have happened. surely a proper board would have required evidence of demand prior to an expansion. surely they would also have demanded funding of a risky expansion earlier. surely they would not have relied on hopes for the completion of a risky contract to fund q1 - contract signatures have tracked backwards in every instance.
those who wished for a refreshed board fairly obviously were making an argument that was in the interests of the company, even if it would be harder on the company's managers.
those who did not wish for it supported the status quo and the current board and management, which made this mess.
if this wasn't the example of poor cash management and weak forecasting and pointless expansion and hapless governance, i really don't know what would be.
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