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@bashthebox
To be fair, I doubt he went into this looking to run a long con - I'm not sure* if he ever mentioned this but he was an ex-racing cyclist and has passion for all things bike - this was his dream. Problem is, it was never much more than dream world in terms of business decisions, was it?
It sucks hugely for his employees, for his family, for the investors. On the other hand, the warning signs for those investors were there.
*sarcasm asterisk