I think you're being a little harsh about management selling...

I think you're being a little harsh about management selling shares to "sophisticated" investors, it cuts down alot on the admin costs, and retail investors by law require another prospectus to be prepared to inform them adequately of what's going on.

Another factor is the time delay, all of those things require time to organize and are a distraction from the main business of the company (in this case getting IFE producing). While it's not ideal, we don't live in an ideal world, instos and sophisticated investors are a necessary evil for companies to raise money fast and cheaply.

I'll probably get thumbs down or whatever for this post, but it's not a personal statement, just a statement of fact, I'm personally 100% for all investors getting a pro rata of renounceable rights issued but due to the admin and other costs I can see why this doesn't always happen, and isn't necessarily an indication of "bad management".