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I don't know much of the background of this, or any of Wayne's background.

But from reading this it appears this may be one of the best examples of why not to play around with lawyer stuff if you are not a lawyer.

Don't write a partnership agreement. Form a corporation and then you are not liable for the debts of others. That is law 101.

Am I missing something to this story?

Yes, being risk averse can hurt you one day.

Yes indeed, how does it go again? Oh yeah: * "Fortune favors the bold"

You can almost hear the other two saying "This thing is going to huge". And him saying "well maybe...good luck guys, I'm out.

He must have failed to grasp something essential about the enterprise to make that decision. So maybe it's all good he just wasn't an apple man. :)

Yes, Steve Jobs ended up in a better position because of the partnership agreement. For him, it was a good decision.