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He's done. Something like this at the launch of a new program is monumentally bad. If he thinks for one second that he has either a name or a program worth $10 after all this, he's has NO business sense whatsoever. He has just f'd himself royally and should figure out an exit strategy and quickly.
There's really no recovering from this. Even if he paid everyone today (which we all know isn't going to happen) he'll still never gain back the lost trust and admiration of the companies he was doing business with or those he's seeking to gain as affiliates.
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