1. Spragues would need millions to take Wave out of reorganization properly funded. They don't put up their own money.
2. Even if they could get a small group willing to invest millions, they wouldn't allow the Spragues unfettered control - the Spragues would want unfettered control.
3. W/ all the shenanigans they've pulled and the terrible cash management they've demonstrated, no VC firm would bail them out w/o complete control - see #2.
So I have to conclude that this wasn't planned, just another huge gamble that failed. Obviously, therefore, it is investors' fault for failing to reject the BoD and effort to require real governance.
| 