I've pieced this together based on Google searches.
Sails was started by Mike McNeil, who also started a company called Balderdash to do consulting and dev work using Sails. From what I can tell Balderdash isn't quite a "real" company in that everyone listed as working there also does other things at present (http://i.imgur.com/dFVQawi.png). (Mike also started a product company that utilizes Sails called Treeline. Full disclosure, I've been to some of their meetups in Austin, they seemed like clever guys.)
LinkedIn paints a slightly different picture (https://www.linkedin.com/vsearch/p?f_CC=2604050) with a few more employees listed, including listing both Mike and Travis Webb as "CEO" (http://i.imgur.com/onnhqqO.png).
Given the size of the company, and the fact that the staff seem to be doing other things, I'd assume someone told Travis, "Hey you can be CEO, but you have to hit some metrics... and if you don't you can't be CEO any more..." And given some of the bickery on the other threads... maybe it wasn't clear or maybe those metrics weren't possible given the range of projects Mike and the other people were working on. We've all been there... Client says, "Yeah we'd like to work with you, but... Do A, B, C, and fix X, Y, Z first..." maybe Travis needed Mike's help and didn't get it. But who knows, and regardless it sounds like Travis was shown the door.
So, and you can see this in the numerous videos where Travis has been promoting Sails the last few years (just Google, he comes up for all the training / discussions around Sails), Travis really liked Sails, and had his feelings hurt because he couldn't work on the project he really liked. And in response, he's now saying, "Burn the ships, Sails is dead, everyone come with me to Trails."
Guy goes from being a huge Sails fanboy in hours and hours of videos that are posted online, to coming here 2 weeks later saying, paraphrased, "I'm going to build my own Sails... with blackjack, and hookers." This scenario sucks for everyone.
You hire a good dev, someone who knows how to get the technology side done... he offers to step up to a bigger role... but who knows, maybe he can't make sales, can't retain customers, he isn't a leader, or isn't focused on the company needs because he's only interested in being a dev... but wants the title of CE-something because he's 22 and it's an ego boost... so rather than leave with dignity, and move on to his next job going back to what he was good at, he is out to sink the people he had been working with.
That's my read. I could be totally wrong, but the drama here peeked my curiosity and after an hour of digging around that's what I came up with.