Again, I have no inside knowledge, just a feeling from the tenor of what's transpired. I think he was either bought out or ousted by angels.
Angel investors can certainly do that. Maybe Putt didn't have a lawyer read the fine print. I worked for a company that ousted the entire executive team because the angel investor they brought in to help them with financial troubles pulled a fast one on them. They didn't quite get the gist of the performance clause and after 6 months they were all evaluated, found lacking and kicked out. This could have happened to Putt too but he might actually be going insane too.
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