My take on it is that there weren't any written agreements because each side was angling to get the best deal possible in the eventual joint venture. Only, one

My take on it is that there weren't any written agreements because each side was angling to get the best deal possible in the eventual joint venture. Only, one of two things happened: 1) FusionGarage never intended for their to be any true JV, and was just playing TC along from the very beginning, day one. That'd be amazingly cold if it's true. 2) It started out as a bona fide attempt at a JV, but it became clear to FG at some point that they weren't going to get as sweet a deal as they wanted... but rather than either back out graciously or take what they could get, they decided to play along and then screw TC at the last minute. I haven't seen anything that really gives weight to either theory. If it's #1, Chandrasekhar Rathakrisnan isn't just channeling the usual Sun Tzu business-as-war crap, he's got a full-blown Josef Stalin "loyalty is for dogs" thing going on. Just on personal experience I find that a bit hard to believe; most people are just not that good at deception. I'd put my money on #2 if I were a betting man: FG and TC spent a while trying to feel each other out and get the best deal possible for their respective sides, but FG decided they could do better by selling TC out than by negotiating in good faith.