User blog comment:BastionMonk/How bad was Peter Ludlow?/@comment-1791057-20130523191135/@comment-1791057-20130524005723

It's Hammond's company. As owner, he had every legal right to downsize it if he liked. His biggest mistake was not firing the Board of Directors outright. As standing CEO and company owner/founder, he had every right to do whatever the hell he wanted with his own company. That's the beauty of being an entrepreneur. If the Board weren't thinking with their wallets, they would have realized that and gone along with it.