I'm not saying you're right or wrong. Can you maybe ask him what his current relationship with the company / current owner is if that's true? Not saying it is or isn't, I just don't know what the business relationship between them is. Clearly he has some sort of business relationship or financial interest here or he wouldn't be the one doing all the leg work and updates.
EEGI - If at first you don't succeed try again. Applies to anything and everyone. That is how many great things have become reality. Not everything will succeed on the first try. We all know this.