I agree with you on the management issue. I think the most likely scenario is Kay puts up with shareholders to pay bills for now. Then, if he does get this off the ground, he later wipes them out. Other than the money we give, I don't believe he cares about the money we've lost and doesn't feel he owes us anything. Anyone currently stuck in this, (including myself), can do nothing more than cross their fingers and hope I'm wrong or sell now and take a huge loss.
On another note very intelligent people get conned everyday. It is easy when you have total control because they only know what you tell them and the sun is always shining.
That's my summation anyway