WRONG!!! Once a ligament is stretched it will return to it's previous state, which is NORMAL. The "lig" stretch is not meant to cause ENORMOUS ligaments but to help pull more of the inner penis out beyond the pubic bone. This is done by stretching the ligaments, which will actually sit LOWER on the shaft but they still remain in a very tight restrictive state. That's the way they are naturally and they don't ever really change. Your goal with a ligament stretch is to "stretch" the ligaments enough so that the shaft will have some "slack". Progressively this "slack" will cause the exit point along the pubic bone to become more exaggerated and you will start to hang lower. The other thing to keep in mind is that the tunica receives a large part of the stretch no matter what the angle, so you are still creating new shaft with every stretch you perform.
I've taken 4 months off while deconditioning and I've never had any of my length gains "disappear" nor have I ever had my ligs draw up so tight as to nullify any growth. Remember you are growing new penis as much as you are trying to pull out the inner penis.