You miss one fundamental problem: For someone to deposit BTC onto gox and sell it, there has to be another guy on the other side of the trade that has fiat deposited to buy it.

Whichever way you slice it, is a zero sum game for customers, and gox just cream fees off everyone.

So the math is simply:

1. gox_fees - gox_overheads = gox_profit

whether gox_fees > gox_overheads is where the question lies. no theory (conspiracy or otherwise) needed.

gox_overheads have been inflated due to the confiscation, and potential loss of coins to malleability.
but, gox_fees just keep on piling up.

its anybody's guess what the balance is.

Customer balances be it fiat or btc (should be) ring fenced if gox_fees < gox_overheads, then perhaps this isn't the case. To know that, you must know the answer to question 1 above.