He framed it as him being the right guy for the early start-up...

He framed it as him being the right guy for the early start-up phase and the new lady the one with the industry specific experience. Could just be words though.

I was surprised that the placement capability wasn't carried. I haven't found them to be irresponsible with the issuance of capital as of yet, so I didn't go against it. They were asking, so I assumed they could see a potential use for it.
I guess its a message for management to reign in expenses first, rather than just issue more capital. So might be a good thing.