What about... first company to actually make money doing this might just eke out some kind of a profit.
Runner up probably screwed.
Any observer's merriment directly correlated to mgmt's ability to outlast their money (which came from investors btw). The only thing they are outlasting is their bank account.
Risk ratchets exponentially as the stock price falls exponentially, usually resulting in efforts to DCA, which are futile, and incur ever exponentially increasing losses.