without a contract in place, and claiming joint ownership I really can't see trhis case going anywhere. What kind of idiot even starts developing a product with another company, let alone get within days of launch, without a contract being hammered out? I'd cut my losses and consider it a lesson learnt.
Not being privy to all things in this case i would expect a contract would not be entirely necessary, sure would have made life easier for Michael though.
This looks like one heck of a messy IPO, but if i were to hazard a guess, Micheal's role is more of a integrator rather than innovator, those who developed the original hardware/software will exercise full ownership and would in effect license the right to Micheal to implement the technology in the end of line product.
to such effect, fusion garage would indeed have full rights to sell a product derived from the collaborative venture but must do so by entering an agreement with the hardware/software developers, which it appears fusion garage has not done with respects to pegatron (according to Micheal).
Im going to hazard there a good handful of other companies which have their IPO tied up into this device which makes for a real messy law suit, and ensures this poor device will die a slow painful death, no doubt hasten by the rumored approach of the 'divine iTablet'