I can find no folly in your questions/arguments, other than to add a #6:
6. "Things just keep getting pushed and funding is getting less and less." Perhaps the Master constructed a trap door during wall construction, before leading investors, held at arms length, into a painted corner?
Maybe time to find another investment, old timer? It sounds like you aren’t happy with this one and paint a dark picture. Why hang around to see the result of your scenario play out...Unless you expect something better, like many other do!