Actually it is completely explainable and rational (from Mr. Abajian's POV) and it is an explanation given many times here over the last 2 years.
Mr. Abajian could not care less about investors. They are his personal ATM whenever he needs more money and he is going to R/S, take out more toxic convertible notes and he will crash the price of the stock again. This is pretty typical 'pinkie' stuff. I don't excuse it at all, just saying many CEOs in pinkieland do this exact thing. It is a legalized form of theivery.