$40k for 15% post means he was screwing you to begin with, unless it was money which came with a technical cofounder attached, or someone with huge industry connections in a non-tech vertical product company, or happened in 1975.
You should thank the investor for giving you another obvious sign to warn you away.
As just money, it would be horrible. As a whole package, it's basically the standard for incubator, quite successful, and has a great oversubscription ratio.
You should thank the investor for giving you another obvious sign to warn you away.