EMC2 still has a science problem to solve as their first priority.
The Navy gave EMC2 ~12 million to build WB-8, which wasn't enough money. There was no new configuration, just determination that really big e-guns are needed to start it up. Where is the science in that other than the size of the e-guns was not known, but now is known. What is an investor's risk now? Just the cash to buy the big guns and run the tests.
Judging by the papers GF has generated from their VC funded testing, I would say that there is significant science involved and their issues aren't engineering, their issues are the science. In fact their big selling point to VC's is that if the science can be worked out, the engineering to implement it is in the realm of today's capabilities. Of course, EMC2 can say the same thing only their issue is simply that they need cash for big e-guns. GF has the cash they need. What is the difference?
So, no. EMC2's problem has from day 1 been simply just the cash to be able to run their testing. Adequate cash - that falls completely in the realm of having business sense. Big guns were the known obstacle when Nebel left, years ago. The rule for a project is put the cash in place for unknowns, like really big e-guns. Clearly that wasn't done. Business, project management.
Near term, cheap, dark horse fusion hits the air waves, GF - TED, LM - Announcement. The race is on.