I believe that he only thing he owes us is equal dividend per share.  By holding the majority of shares himself, his decisions on when/if to release information are 100% his to make.  I may not like it, but I certainly don't believe it is my "right" to know more.  I can get out any time I want if I decide he is doing it wrong.  This is a system that is ripe for abuse, but it is the system that we all chose to get involved in by trading in an unregulated market.