Don't think it is BS. Unfortunately, the goal posts keep moving to just over the horizon. Eventually I hope we get there.
Their biggest problem is that they formulated their dream during a loose money era, but started executing in a tight money era. Also, they were naiive in thinking that the holders of convertible paper would not convert and sell..
When I spoke with JP at the last Annual Meeting, I warned him that he should not hold to that belief. They may assure you that they won't sell, but they will have their proxies short, as they know they have the ability to cover any shorting eventually with the shares they can convert to---especially if the conversion price is not fixed, but based on an average price at the time of conversion. Thus, they have every incentive to get the price lower, as they can then convert into more shares (even more than the number they have shorted).
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