Very simple, page-46

"He also said they had funding, then a CR came".
Not a very strong argument to disbelieve him. They did have money, a new opportunity came along, they decided to raise more. Very simple. If you had several million dollars and then saw a large opportunity to grow that money and had to borrow more would you just let that opportunity go; especially if you were running a business with share holders. In fact wouldn't you be neglecting your role if you let a good opportunity go? Anyway I think its a bit simplistic to just say he once said this and then did something else without putting it into context. He didn't spend the money on buying an ice cream maker. If he did that I'd totally agree with you.