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A sad end for all concerned - particularly the creditors. However two elements shine through - lateral hires and management. Laterals are an on-going problem that when fully analysed rarely deliver the expected results. Having examined this over 20+ years it is rare to see any real cash profits in the first two, sometimes three years. Factor in the disruption factors and as a strategy it does not tick the boxes. Add in the management decisions that seem to have been avoided as revenue dried up and it is sorry picture. There was clearly a sense of expectation that 'things would return to normal soon' whereas some hard decision making was required which probably included some ruthless downsizing and far greater attention to performance management. Most of these failures are avoidable if the right advice is sought and, importantly, acted upon.