No, he had reduced the debt to Barclays as required by the loan guidelines but Barclays moved the goal posts which resulted in administration. I guess we'll never know who put pressure on them to do that but is you want a scapegoat that's who we should be seeking to identify.
Lowe probably had the nucleus of a good idea (academy, relegation clauses, reluctance to deal with agents, even European coaching set up) but he thought he knew best and ended up making a few crucial mistakes. Failing to invest after the 2003 cup final was one, generally making too many enemies was another. Cortese has more effectively surrounded himself with top people and listens to the advice offered. Along with a decent financial backer it makes a big difference.
On saints web, this thread would only go one way but I suspect a more glanced debate will take place here. Hope so anyway.