At least it's the developers seeking a foundation (Score 1)

Better than the other way around. The Mambo / Joomla ( http://www.joomla.org/ ) split comes to mind, where Miro wanted to start a foundation but didn't include most of the core development team on that foundation. In that case, the foundation seemed to serve the purpose of bringing an open source product BACK in control of the company that set it free as OSS in the past.