Exactly, mismanagement.

If your business plan is to generate profit based entirely on land assets, and you choose not to own those assets, then look what happens.

Most businesses rent their premises, because the premises aren’t the essential part of their business. They could set up in another location if need be.

But that’s not the case for NCP, their “premises” are their means of revenue. Presumably there was some short term profit made in the process, some senior managers got a fat bonus for reducing overheads and increasing profits for 2 quarters. But that’s bugger all use when you need to wind down the business a few years later.

They could have had a trickle of free money streaming in for the rest of their lives but instead chose a wave for a short few years.