Bad timing/luck was compounded by the fact that he was a bit of a loner and not driven to follow through on that area of research, even when given the opportunity to do so.
One other issue that this story brings up: There are a lot of out-of-work postdocs and PhDs, owing to the major reduction in funding/grant opportunities and the consolidation taking place in certain industries, such as pharma. A very talented science blogger who covers this (as well as biochemistry research) is Derek Lowe -- I recommend bookmarking his blog at http://www.pipeline.corante.com/