Yes, that's pretty much how TPAC has unfolded. I don't know if you ever read twitter, but McKay's IR, "TPACMuse" posted bitterly obnoxious attacks of various shareholders, all of which McKay approved. To be frank, I'm not sure "TPACMuse" isn't McKay himself.
At any rate, not only has TPAC dropped precipitously, it's turned particularly nasty and ugly as well.