Acquisitions take time. And money. If you're running out of both, the risk of undertaking a long and expensive process, that may result is nothing is risky, and

Acquisitions take time. And money. If you're running out of both, the risk of undertaking a long and expensive process, that may result is nothing is risky, and in some cases illegal (taking on debt [legal fees on terms] that you can't reasonably pay = trading while insolvent). I'm not suggesting at all that in this instance the company was in such a state, but often I've seen founders run it right to the line believing things will turn around, and they don't. At that point, there is no reasonable way to sell the assets or ownership of the company easily.