You probably wouldn't stay employed for long, but in all honesty, who cares? Start your own competing business while staying employeed as long as you can. When shit does hit the fan, for 50k, you could probably freelance with your skillset and/or get another oddjob (serving?) to match, or get close, to what you are currently making. This would probably give you more time and flexibility to start the business.
It sounds like a misfortune that could be the catalyst that drives you. You know the industry and you know in what areas your current employer is lacking in. Crush him.