Take off the rose colored glasses! You say Steve would not put his reputation on the line and that is true of any CEO who starts out with good intentions. I'm sure when he began this that he really thought he was gonna take it to a very successful company with great profits and amazing deals. Then like many companies he realizes along the way that he has sunk a half million of his own money into this and it's a slowly sinking ship. At that point he scrambles all over the world trying to secure deals and he IS WORKING HARD that's a fact but in the end the ship is still sinking.
He can say he tried, he really did but in the end Steve is a human being and he WILL look out for himself before he gives a flip about all of the investors. He doesn't want to let down his own family or lose his personal finances. So in the end when a man gets desperate, he will do anything necessary to pay his own bills and grab all he can for his own future.
Is this happening with this company? I can't be sure just like most of us here we have no idea but I'm not an idiot and won't be blinded by the thought that Steve is moral and ethical and would never screw us over. I'm sure he is a decent person but back any man in a corner and you will see how things change very quickly.