Its not entirely their fault no as a lot relies on Virgil not being a dick. However this was very much a distinct possibility and so the board should have a good back-up plan. If they are naive enough not to then the blame falls entirely on them.
I can’t agree. Here we are at this point and the Board can not be entirely at fault, because they can’t predict Virgil’s contribution of the future (anyone saying they can is purely speculating). If they get things wrong from here in terms of the investment then they are at fault for that, without doubt, but not of this situation “entirely.”