Interesting theory... Not!
<If I thought the product had value, (I don't), then I would just wait and make my deal with Smithline. I would then have all the assets and if Moro wanted to continue to work with RECAF, he would have to deal with me. I could give him an interest in the company I would set up and I would have a huge majority position. Anything less would be utterly stupid.>
If you did that you would risk much more than the $150,000 you already lost. You would have all the assets; then what?
You would likely NEED Dr. Moro to get any value out of those assets. He has the lab and the know-how. All you would have is a patent that expires in about 5-6 years and that I am sure costs money to maintain. And you would still need to get Moro.
You would need to give the note holders a chunk of cash, invest some money to keep the patents going, raise more money for operations and THEN, convince Moro to join you (why would he join you if you do not have the money to operate a company). So now you are a few million dollars in the hole and YOU NEED Dr. Moro; he does not need you.
What if Moro at that point said: "I want x% of the company or else you can go develop it yourself"? What if he says "I want x dollars upfront; you have a choice of giving that money to me and have the tests working immediately or you can use it to set up a lab, hire personnel and wait for a couple of years to have the tests working"...
No, that would be a pretty stupid(!) course of action.
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