'No more good money after bad': How board revolt sparked Uchumi collapse

At a board meeting 10 days before the closure was announced, directors called in to discuss a move to raise Ksh500 million ($6.94 million) from the market by private placement flatly refused to entertain the proposal. Shares worth $312,500 were sold a day before collapse.

Reference: http://www.nationmedia.com/eastafrican/current/News/Regional050620061.htm