so, an almost certain investment scam is now turning into a "failed takeover bid." A new spin... it is pretty creative and legitimizing. I like it.
I am not at all convinced it was a scam like a pyramid-scam is a scam. More like a giant bluff. Like Lotus are still bluffing with sponsordeals that are not real sponsordeals, but actually debts that are being paid off by putting the name of the creditor on the car (ask MustangSally, he knows a lot about it, wrote an excellent post about that I can't be bothered to look up, hey, it's sunday for me too!).
My impression: Iljaz/Quantum thought they a had a minute change to make a huge deal or, at least, get some free publicity while trying to get that minute chance to work out. F1 journalists, even the good ones, seasoned warriors, could not even imagine that a F1 team would be so naive to not see the opportunism of their partners (or Lotus/Gennii were very opportunist themselves).
In particular, Saward, I believe, was being polite and trustworthy towards his sources (like you should be, as a journalist), but I feel he underestimated the real character of F1 and Genii and Iljazz in general, and also as a respected journalist the credibility he gave to Iljazz by merely publishing the story as told. He was being manipulated, and that happens to the best journalists, sometimes... But as Lincoln said: 'You can fool the people some of the time, but not all of the time.'