And traded minority ownership (which as you point out, he had given himself) for majority voting control (to allow, among other things, his $400k+ compensation in 2011).
"Gave back" may be a nice spin, but in effect "gave himself, then traded for sole control of the company" would be more accurate.
Part II. Basic Valuation
To value a company like JBI, one has to look at the financial statements, not just the business plan.
In particular, the question, "Is there enough working capital to execute the business plan".
Counting $10 million in "current assets" that aren't real gives the false impression that indeed there are plenty of funds to execute the business plan, when in fact, substantial additional funds will be needed.
The idea that anyone investing in the company, be they a PIPE or a retail investor, would ignore the balance sheet in it's entirety or think "Who cares if the company really has a $10 million current asset or not" is ridiculous.
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