Yes, pretty much. Without a network there is no product. I think we agree on that. He is all in on the network. He kept as much of the infrastructure from Punch as he could or wanted to. He needs a program and then he's back online. I know from a good source that people did indeed go with him from Punch TV. I imagine the new O/S has to do with actual pay checks for these people.
He has access to some good content so if his new partners can put this together and retire some of the O/S and get the advertising filled...all is not lost. We could be trading back to .003 - .005 by the 4th Q.
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