I came across this, I'd totally forgotten about it. Michael Netzer's Open Letter To Rick Olney: http://michaelnetzer.com/rEvolution/content/view/113/
I like where he quotes one of Olney's early lies from when this all started: "Since this has began we've nearly completed Tales of The Spooky ..2, hired and placed 4 new artists of note, in motion. And anchored our June 07 Mighty Minicon."
Right, I remember when he claimed he had a "stable" of artists still working for him. He wouldn't name them, but he swore they were all getting paid, because they didn't break their NDA's, and that TOTS #2 and #3 would be out in 2007. Obviously, that never happened, although we know he did have that successful 2007 minicon. Similar to his recent claim of currently having 6 artists working for him and getting paid. Not to mention how, last fall, after Clayton and Michael and all the other confirmed guests had dropped out, he said he had 6 new guests (the "secret 6") signed up to appear @ the Adirondack ComicFest, but he wasn't going to reveal their names publicly until a month before the actual event, so that no one could warn them off (great way to promote and event, BTW).
So the lesson here is, Rick Olney's Imaginary Life is wonderful.