Knows him well. My sense is he's begun to feel like he's all talk and no substance. He likely believed Lynn's b.s. but and bought in hook, line and sinker. Got a lot of others into the stock and Opus. It took him a while to throw in the towel, but he finally did. Sort of. I think they have faith in the new guy. This is what happens when people get emotional about a stock. They lose all perspective. Not only did Lynn sell a lot of snake oil, but I think people came to the company had really good assets and it was just Lynn that was the problem. I think it's turning out the company's assets aren't as attractive as they once thought. Either that or Matson is no better than Lynn at realizing value from assets.
As for legal credentials to raise money, I believe, though I'm not sure, that it depends on if he got a finders fee for doing it. If he did, he better have been a licensed 'finder' otherwise there could be big consequences. However, I doubt he received a fee for it in which case he's probably in the clear.
As always all of the above are just my opinions, no facts are asserted.
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