I for one predicted this years ago, and not for the reasons you...

I for one predicted this years ago, and not for the reasons you state.

They had one product, a hugely overpriced generator, while spending a fortune on R&D. It was inevitable 5 years ago when they started trying to sell the BlueGens.
The technology will live on, and probably find more appropriate uses via liscensing to large companies from who-ever purchases the IP from the administrator. Your theory there seems accurate to me.
Failure to consolidate the shares when they were only a cent or less, really was a message from the board that they were going to let it go bust quickly.