This isn't a school yard where you can make idle threats online to force someones hand. They have already walked away, the ink is on the paper, the announcement made. He got greedy, figured they wouldn't walk away because everyone had invested so much, and he'd get a maximum payout.
Now all he has is a lot of unhappy investors who lost money, and a worthless shell.
A lot of companies have pushed like this over the years, and walked away empty handed.
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