How did he blow it? Last note was he had to clean up some shares and was following the SECs guidelines on it. So, with that, that is not a deal breaker by any stretch, just massive amounts of TIME to clean stuff up. I can tell you, there are a TON waiting on the SEC and FINRA to get things done, along with the auditors out there.
Nothing is done until its done and he has a LOT at stake on this one.