Serious question- does the team then negotiate new terms after the weekend for those that do want to stay on-board? Who holds the 98.4% in the meantime?
The impression I got was that the 0.4% was a guarantee for what you walk away with. If you stayed you would work out ownership of the whole thing with the rest of those who stayed to build the new startup.
That email from Billy seems pretty reasonable to me. Not to you guys more familiar with 'Startup Weekend' cultural expectations?
The guy didn't belong in a startup weekend. The team at the weekend is supposed to own/share the results. Not some guy who can't recruit engineers and uses startup weekend to defraud the real talent to promote himself.