Your opinion seems to be shared by a number of people who used to promote and stand behind the concept of PTS. A lot of people sold their PTS because they thought, for whatever reason, the social contract transferred to BTS.
You are right, social contract did not necessarily transfer to BTS, however, the probability of any "new" profitable DAC coming out that honors the social contract essentialy became near zero. I3 will not be developing a new DAC in near future and MUSIC does not count because it was already snapshotted.
I blame the term "merger" for the confusion. There wasn't a merger.Nothing was bought or sold. If Pepsi share dropped 10:1 Pepsi:Coke shares on all holders of Coke stock would anyone think that Pepsi just bought out Coke, or the value of Coke? No, they'd say: Sweet - thanks for the free shares.
In the case of Coke, Coke would still be functional, still producing value and giving dividends. It would still be profitable. There would be no value transfer from Coke to Pepsi. However, in the case of PTS there is a value transfer: probable earnings from future developments.
I hope I made my point clear - not a native speaker...