Fascinating, and largely accurate as far as facts go. However, see the comment by "One man behind the curtain" for an important postscript about events occurring after the apparent tenure of The Register's informant.
It is nothing short of miraculous that Stuck was able to bring in Arcadia Woods, an oft-times specialist in rescuing distressed tech companies, even after all the employees were laid off. However, it was completely typical that he managed to screw up that relationship by lying to them and alienating them until they undertook the current hostile actions. Stuck is that completely useless species: a venture capitalist with no capital -- and the paper management team he has retained (Rancis and Russo) are completely the wrong people for directing any future progress. Stuck bestrides the carcass of InPhase like Golem, hissing and repelling any rescue of the technology with the complicity of the dysfunctional U.S. court system.
On a technical note, the discussion about the "actual capacity" being 1.2 TB is not really accurate, although it is true that there was a lot of necessary redundancy and overhead in the 300 GB format. InPhase had a long-standing published road map for reaching 1.6 TB user capacity (i.e., after required redundancy and overhead), and unpublicized IP likely would have doubled or even quadrupled that figure.