where did this company go wrong?

Haven't followed AED for a couple of years and starting reading the more recent posts this afternoon. Last I heard they were sitting on $500M+ from the Puffin sale and screwed the LongTom purchase, with the SP hovering around $2. Reading a few financial result ann's today I still can't work out where all of the money has gone? Although I see Puffin has turned into a leech to a degree with hefty maitenance charges.