An event that has taken place resulting in risk of injure, injure or loss of life where a problem was spotted prior to the event which could have been prevented and was forewarned but left ignored or unrectified, but fixed after the fact.
Friend: "I kept telling my about the leaking freezer but he failed to fix it and he got sued by a customer for slipping on it and he fixed it yesterday."
Me:"that is a classic case of what I call the Titanic theory."
White Star Line was neglect and Knew there was not enough lifeboats for all the passengers and crew of the Titanic. (this is the origin case of the Titanic theory)
The Titanic was designed to carry 32 life boats but this number was reduced to the 20 lifeboats because White Star Line felt that the deck would be too cluttered.