Yes they had time to do it back then. But they had not proven...

Yes they had time to do it back then. But they had not proven the technology worked back then, it was pure speculation and billions of shares reflected that, What would a consolidation amounted to before 40nm 1Mb was achieved.? at least we now we know 40nm 1MB had derisked WBT somewhat. And would not have been a good outcome.At least with 40nm under our belt and 28nn just around the corner. Was the right time for the consolidation.
Personally I reckon if they did share consolidation earlier share price would of traded way way lower than were we are at now. Only good thing would have been the seeds escrowed shares back then. But consolidation would have been percieved in a completely differently before 40nm chip
 Consolidation would of been perceived as a death roll by the market.

You gotta break eggs to make omelettes no use breaking eggs until you have a fire to cook them on. Seeds have supplied the fire. Ive seen my money go up in flames, but know its cooking my Weebit omlette.