TwinWinNerD, thanks for the analysis, this is pure gold

EDIT: I wonder if it would be good to make a list of all "2nd gen IPO" scams up so far and tie in all the relevant information so that people can learn from it? Also, the threads with those scams usually get deleted from Bitcointalk so we no longer have the information on them..
Hmm.
I don't think it is neccessary. Basically all scams had 2 things in common: No escrow and/or didn't show any code snipets.
So, only invest with escrow (a legit dev will never mind) and ask for parts of the code!