It's impossible to get to the bottom of what happened because the Australian Sports Commission refuses to release its documentation. But here's what we do know.
An Australian bike, built under the auspices of the Australian Government and with an injection of public money, was used by Dutch athletes to compete against Australia at the Olympics.
A Dutch bicycle giant bought at least 30 bikes from a small Melbourne tool manufacturer and passed them off as its own. In so doing, it broke Olympic regulations and, technically, Dutch athletes rode illegal bikes at the 2000 and 2004 games.
The Australian Sports Commission and Cycling Australia appear to have turned their back on a sponsorship contract which gave them the moral, if not the legal responsibility, to safeguard a designer's intellectual property.
The Australian Olympic Committee appears to have lost track of how $425,000 of its grant money was spent. And on paper, the design of a revolutionary track bicycle - called the Elliott Flyer - has disappeared into thin air.