"the fact that he voluntarily placed many of his personal assets into the corporation."
Are you refering to the radio station assets?
Your statement that he voluntarily placed assets into PHGI gives the indication potentially that he just GAVE the assets to PHGI. That is not the case.
John H Beebe did volutarily SELL personal assets that had an acquisition cost to him of $180K to PHGI shareholders for $1.3million.
Was that acquisition a good deal for PHGI shareholders (paying a 7.2X price premium for assets in an industry that is not experiencing appreciation)? I don't know, but putting it through the common sense test that you put out there, it does not appear to pass.
If you are referring to other personal assets that he "put" into PHGI (i.e. didn't SELL to PHGI shareholders at a huge price premium), your common sense test may be applicable (for instance, he could have given PHGI shareholders his failed restaurant, but he didn't)
