The thing that heartened me on the CC was the statement that the principals could have decided back in January, when they found out what a mess they had to clean up, that they could have just let the company fold at that point but didn't because they believed in the company and had their own money invested in it as well. Additionally, they have continued to supply money to the company to keep it going.
The big concerns I have now are the company being able to find the $250K it says it needs for the next four months, the company being able to find PE to move beyond the four months and the company's ability to manage this to success. The world is full of people and companies with great ideas and great technologies that never really amount to anything because they don't have a good business plan or don't execute well against it.
However, should the company find good PE willing to fund the company for the long-term, I expect that whoever provides the funding will force at least some good managemet practices and decisions to be followed.
I'm in for the long-haul...I just hope the long-haul doesn't stretch in to retirement. :)