Te Wanaga o Aoteoroa: Te Sinking Waka

In the news about a twenty million dollar "loan" to Te Wanaga (apparently despite having been given $239 million this year from the government, the Wanaga is now on the brink of insolvency), Trevor Mallard said:

Today I reported to Cabinet that the situation at the wananga is more serious than we had envisaged and they are in immediate danger of not being able to pay their payroll and also a substantial amount of their creditors.

Wow. When the fuss about Te Wanaga first broke out in February, public concensus was that it was a complete and utter balls-up. Now it's much more serious than that which has to take some doing.