HH: I suggest placing a specific question directly to Fred Falk as to how he came to work at Helmut's start-up company when he was in his early 20's.
The following article explains why Woody would owe a debt to Helmut as Helmut was the source of the technology purchasd by PTSC that drove the stock price up. That technology is now the subject of the patent infringement lawsuits by PTSC.
Helmut died in July 1995. Coincidentally(?), Fred came to work at e.Digital in 1995.
IMO, Fred was made Pres/CEO because he could be puppet for Woody. When Woody resigned from e.Digital's BOD his stock transactions were no longer public information. Now that Fred is no longer an officer, his transactions are also no longer public information.
The more important issue is that Fred has proven himself incompetent and unqualified for even a sales role. He was the President of the company for 7 years of failure. The BOD should have taken action long ago. Why is he still there?
Keep in mind that having a failure as a CEO has created the need for repeated financings that have enriched the "friendly financiers," many of whom are FOWs (friends of Woody) who have financed Woody's other companies as well. If the company had become profitable, there would have been no need for these financings that have massively diluted shareholder value.
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