"Why didn't he PR the damn share holder letter ??"
Probably because he knows a vapor PR saying news is coming later isn't going to attract any new marks, but preaching to the converted might keep some new money coming in from previous vicitms looking to level up.
He wants to hold on to the marks he's already got, who are much more likely to believe the positive spin he puts on the IPIX decade-long disaster:
'It's easier to fool people than to convince them that they have been fooled' -Mark Twain
"Nobody ever went broke underestimating the intelligence of the
American public."
H. L. Mencken
"It’s easier to fool people than to convince them that they have been fooled."
Anon