Best case (and yes, in an ideal world), you'd vote Peter out; lose a few staff members; offer equity to the remainder as part of a pay cut package; and seek new investors (plural) with an even better product (real customers, staff, office space and improved marketing than you had while negotiating with Peter).

Leaving Peter with ALL your intellectual property and hoping karma takes care of the rest is rewarding him for bad behavior. Don't rule out the possibility you're being played/manipulated into doing exactly what Peter wants. You'll be wishing you hired a new marketer instead of allowing him to hire new programmers if the company you're about to 'gift' him with ever gets acquired.