I admit that I let myself be persuaded that he knowingly, purposefully defaulted, by the posts here.....I should know better.
As much as I wish that he could have the funds freely available, because I want this business to succeed, I would prefer that your scenario is correct, and this is a circumstance due to lack of funds. That is fixable, him being willing to commit fraud in his business dealings, isn't so easily overcome.
What happened to Favata having all sorts of money to get this going?