You can't take anybody's word regarding a case like this. You take the real life parameters, PPS, how they act and what they can do for shareholders. Then you fit them into the explanation that can explain them. Zero has the best explanation usually, makes sense why things happen the way they do.
If you take his theories and start wondering why PPS is what it is, why there's dilution, why we don't see customers, why you don't get dividend, why corporate is so complex, why they didn't get the loan, etc. Everything makes sense.
So it probably is true.
