When you write "LWAY hasn't tried to mask the severity of the problem - anyway, an easy call", you imply that the Company has indicated that the problem is severe. It may well turn out to be severe, but in discussions with shareholders, I believe that investor relations has consistently portrayed the accounting issue as not really being material. Based on my conversation with them, I was led to believe that it revolves around the classification of some expenses but will not ultimately change earnings. Hopefully they were being straight with me and that I understood them correctly. Clearly their inability to provide accurate guidance on the timing for resolving the problem does not inspire a lot of faith ... and looking back it is also obvious that I would have done well to follow your mentor's advice and "run" at the initial sign of a problem (i.e., I should have sold in April as soon as they released information on the deficiency notification from NASDAQ).
Investor relations appears to be using a geologic time scale, so "resolved soon" does not guarantee that it will be within my lifetime or yours, or even within the lifetime of all of our descendants. I hope that their looseness with the term "any day now" or "soon" does not imply equal flexibility with the term "no material changes".
Gotta love Zacks ... Here's a quote from their note on LWAY today ... "The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report." Do they know something about Lifeway's plans to file financial reports that the rest of us don't know?