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I don't think Iribe had the latitude to do that at the time. From what I understand Palmer owned most of the company still at that point.

He would have had to get signoff from at least a majority of owners before just doing it.




"Palmer owned most of the company"

Not really. Even before that whole kickstarter campaign he was just a founder.

Roughly, the deal was: Palmer giving full power to Iribe, Iribe helping Palmer with investors/kickstarter.


Iribe gave the company a loan bigger than the entire Kickstarter goal before the Kickstarter launched: I'm guessing he had a bigger share.




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