Exactly. You could have chosen any of 100 different instances in which EP claims Form 10 will happen soon, but it doesn't ever happen. The changes in the DVD market hurt, but EP had choices to make about how much he lied to cover up the problems and about how much he lied to lure in investors.
Shoot, I was looking at a profit on HHSE, but I didn't take it. What was I thinking?
I am obviously NOT an investment advisor.