The latest developments in the Sean Davis project raises more red flags

My initial snarky scepticism of Sean Davis' project to create a new national wrestling promotion based in Florida seems to have been well founded.  Plenty of people within the wrestling business share my scepticism.  Long time Florida manager Ron Niemi was perhaps even snarkier than I was about the prospects of this new group: 

However, before everyone starts quiting their real jobs, what I do know is that Pete Karoftis, hands down, is one of the biggest misfits that I have ever run across in this business. This is a 40 something year old guy who ran New Breed years back, pushed himself to the moon & financed the entire fiasco on credit cards. Last I checked he was still living with his mother & didn't even own a car, but that all may have changed, I don't know.... What I'm trying to get at is anyone who would give these two guys a dime to start a wrestling promotion after sitting face-to-face with either of them 1) is full of shit himself or 2) is going to pull the plug so fast on this once things start heading south (which it already has if you take into account the initial message board reactions to this, as well as Chasyn's recent adventures) it'll make your heads spin.

Naysayers would suggest that Niemi has an ax to grind over being excluded from the project, but former independent wrestling promoter and WWE creative team member Court Bauer, who was asked to be involved with the project, raised similar concerns in a more diplomatic fashion to Dave Meltzer in his July 22nd Wrestling Observer Radio show.  Lenny Leonard in response to Ron Niemi's post on Florida Wrestling Fans linked to above gave a fair paraphrase of Bauer's comments:

Said he was approached by MSL in February after Paul E dropped out... Paul E told Pete and Sean that he wont deal with anyone but the guy with the money...At the time Bauer was told that it was FRED WILPON not Milton.. Fred owns the Mets... When Paul E was told no, he couldn't have access to the money guy he walked...

Bauer then said that most start ups are pie in the sky dreamers or scammers.. and that he had no interest in getting back into wrestling in that capacity.. but he listened and had 10 questions on the promotion .. he was "VERY SUSPICIOUS" of the answers he got and information he dug up on the people involved on his own..so he passed...

Lot of red flags came up so he walked away.... moving forward he hears what they want to do but he has great reservations about this venture... he knows a lot of people are wary of it and until they prove they are for real..he doesn't want to be a hater but at the same time he walked away and "DIDN'T FEEL COMFORTABLE WITH THOSE KINDS OF PEOPLE.." (ouch)

He hopes it turns out to be real for MSL's sake but he has serious reservations about the project. 

The criticism of them being stuck in the past only seems to be even more spot on with the group reportedly being interested in signing the aging, bigheaded, lazy, broken down relics Booker T, Scott Hall, Kevin Nash and Larry Zybysko.  Given that the latter trio are all tight with talent coordinator Mister Saint Laurent, the extra criticism of milking the money mark to give their friends unwarranted fat contracts could perhaps be levelled too.  Moreover, they've signed Jesse White, the ultra green son of Vader, which thus seems more like an expensive favor to his father than a shrewd investment in talent, given that Jesse is nowhere near ready to be featured in a national promotion.

Perhaps the only good sign so far is that this group at least had the good sense to immediately drop Florida independent worker Chasyn Rance, as soon as news hit the Orlando Sentinal that he had been arrested for allegedly having sex with an underage girl.