Hi MTM,
What you describe is exactly the feeling I've got about the whole thing.
What we are seeing now strikes me as Nelson and Mayersohm's plan in action.
When you look at Chris Nelson's record as President of Cyclone, who in their right mind would promote him to CEO of a new company in the same (or any) business? Plus big raise, plus stock, plus three kinds of bonuses.
Nelson is getting a much bigger slice of this pie than Harry, and Harry is sidelined as just an adviser now. Cyclone will fold soon, and so will all of Harry Schoell's duties and authority. After that he'll just be a name to be dropped if it is helpful.
The initial financing round puts WHE-GEN on the hook for paying off Cyclone's secured creditor. Why have critical startup funding diverted to someone else's debt? The secured creditor owns all the patents (ownership was transferred last year), and has secured all of Harry's toys at Cyclone. I'll bet as soon as those liens come off, Schoell Marine will secure it all. Then when Cyclone goes broke, Schoell Marine keeps all the hardware.
It could have been put to Harry that if he wanted his patents back, he had to set up Nelson & Mayersohm at WHE-GEN. Harry will also get an advisor fee and some stock. Plus his name mentioned prominently in the PRs. At least initially.
But, unfortunately, I also agree that even with all this history well documented, the fools will be fighting to be separated from their money.
