Beal chickened out.
Walt is still plugging away in another area of space development. He was our major investor in Rotary Rocket, and the way I saw it, backed us to the bitter end, long after a lot of other people would have bailed.
I'd be the first to admit that the government does not make it easy. Breaking the trail of the regulatory environment is an interesting story all by itself. But there are ways to jump through the hoops if you have to.