I have no skin in this game but I doubt AH started this to have it fail. But it failed quite obviously due to poor cash flow management. AH thought he could get more done with less... he didn’t. New investors thought they could manage better than AG did ... they didn’t. Company failed. And rather than any of its primary investors (pinside members) having the liquidation preferences they should have had if this was any sane investment by any VC, they got screwed and went to the back of the line. Yes AH conned everyone, but he did so upfront when he promised a game he couldn’t deliver on the money available and had people willingly giving him money with no recourse should things go wrong. This is not “blame the victim”. It is however stating the obvious that this disaster area was a probable rather and an improbable outcome. If AH was being ethical about this he would have treated pre purchases as the actual investment it really was and promised a more appropriate 2X liquidation preference as part of any purchase contract. He was instead the first person rather than the last person to be paid in this failure. If there is any good to come of all of this, this crappy investment scheme should never happen again in Pinball due to the hard lessons learned here