One of the other possibilities is that the media credits were worth $10 million, but only to someone who could use them. They were after all radio and print advertising credits. A B2B business, as I believe JBI was and is, would not have a lot of use for them.
Most likely the media credits were valued at some notion of "equivalent value" and the $10 million was a gross overstatement, but unless the company (media 4 equity, I believe) was itself a complete fraud, they shouldn't have been worth 0 to someone who could use them.
But I agree with you that most CEOs would realize that if "it looks to good to be true", it's because it is.