I totally concur with your thoughts as this incredibly disappointing. Some observations for you to consider:
If you take 3 to 5 years from mid 2010 then that brings you to 2013 to 2015. It would appear that a recovery has been pushed out to the latter part of this period. Hopefully we will see some evidence before hand but full delivery from an earnings perspective wont happen until 2014 or 2015. This is a lifetime in the stockmarket.
The company has solid assets and even if you write-off all the goodwill and provide for further inventory write downs you can easily get NTA well in excess of the current share price.
However, it looks like they will need to raise capital to pay down debt so this NTA is coming down on a per share basis.
I have been disappointed in the management's communication and there has been a bit of let's work it out as we go here. The problem with large shareholders dominating a register is standards of communication do drop off. This has been made to be "backing the man" rather than a business because of the poor transparency.
There is no doubt the company was in worse shape than anyone considered. We may now have little choice than to be patient.
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