I agree Tom has done well in terms of dilution. It's a small company, it's difficult to know exactly who makes what decisions. But I am pretty sure that whatever Tom suggests in terms of financing is subject to veto by Suresh. 

So I don't necessarily blame Tom for the situation Poet finds itself in. He may have wanted to raise more money many months ago, just in case whatever they had cooking did not pan out. And Suresh may have said don't worry, it's in the bag. 

I believe this is Suresh's company and the Board of Directors back him up. 

In any event, either Tom or Suresh or both miscalculated. And then the preliminary offering doc with the blanks lit the fuse.  

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