first: I don't know much about the dev stuff and steem inc

but 
>Wait, what about the IP and developers?

>When Justin acquired it, Steemit absolutely had some strong value, in the form of intellectual property, branding, and experienced blockchain and frontend developers. But now, all the developers he acquired are gone (they’ve all quit).

This tells me that Ned at least should have communicated with the devs, 
And that Justin should have done the same BEFORE making any deal.

When you buy something like a plane with a nav system, engines, seats etc. you want to be sure that the stuff that keeps the plane airborne does not vanish overnight...