Lightning,
If *I* left my present employer with an idea that was about 2 years out to revenues and needed less than $4M (a threshold below no major VC will look), *I* might use a penny shell in a way very similar. I am not a crook or a scam artist.
I have a LOT of experience in penny land. I lost $90K in "tuition" and later turned $1000 into $40K by very aggressive trading of companies that I flat out said were scams or doomed failures. I did that to fund startup of my girlfriend;s taekwondo school while bringing my private start-up to sale three years ago. I have a LOT of penny friends and acquaintences.
If I took my next idea through that route, having the background and history that I do, many people would make the same allegations of mme that are being made of JB. They would not be true.
Does this make me too sympathetic to see something here I should? Possibly, but I do not think so. I see an over-promising techie more or less executing a plan and mmaking rookie mistakes. I have seen scam up close and personal. I have been duped into believing a scam and passionately so. I have seen through the scam and failure in every stock I have looked at in the 7 years since that tuition was irrevocably paid. This just is not looking like it. There are red flags of failure, but they'd be flapping in a different breeze if they were red flags of scam.
But, I could be wrong.
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