You have to ask yourself what realistic chance you would have of succeeding after what VBB said about Mike's attempt with the money and all that which seemed to be going for him. What is there to be learnt from Mike's experience other than how tough the job would be. You'd have to know the exact reason for the proposal being rejected so that you could be in a better position to challenge it then Mike was. That is one of the only things you have going for you when trying again because at least you know what you have to do above what was presented the first time around.
The powers that be in any situation have a way of digging their heels in and holding their ground once they have had a success.