I feel bad that the company wasn't able to make it (maybe), but I feel far worse for investors who lost most of their investment than for management and insiders who earned salaries and had none of their own money invested. They also had the opportunity to make it work and failed. I don't say it was intentional or even incompetence, it could just have been bad timing or bad luck, but investors had virtually no control. I also think that management could have been more forthcoming about the challenges they were facing along the way, but I would be the first to acknowledge that too much openness could easily have been interpreted as a breech of their fiduciary responsibility to make the company successful. I believe they lived up to the requirements of disclosing risks and adverse information in their SEC filings. If people dismissed those as unimportant then that is their own decision.
The only ones I have no sympathy for are any who tried to get others to buy into the stock to make their own shares worth more when they themselves would not further risk their own funds. Perhaps there were none.
Those who cannot learn from history are doomed to repeat it.
GEORGE SANTAYANA
