According to The Wrestling Observer Newsletter (via wrestlinginc.com), there were legitimate negotiations with Hogan joining Bullet Club. The setbacks came in terms of Hogan wanting too much money, and also the group worrying that Hogan would jump to WWE the moment that they were interested in bringing him back.
Showing themselves to be some pretty shrewd businessmen, if there was any doubt.
You never let them hold you down You jump up and take the crown Then proceed to hold it down You win, hands down