Bolton, for all their success in reaching the last 16 of the Uefa Cup have failed to translate this into a consistent League campaign.
After this 4-1 away defeat to local rivals Blackburn, Wanderers are just three points above the relegation places.
The irony was that David Dunn was twice brought down for Blackburn's penalties, both converted by Benni McCarthy, and he turned down a move to The Reebok during Sam Allardyce's tenure in January last year.
Dunn heaped further injustice on the visitors by providing the cross for David Bentley to head the third.
In an incident packed encounter Gretar Steinsson appeared to have won the ball cleanly from Dunn but referee Mark Clattenburg awarded the spot kick and the South African gave Rovers a 1-0 half time lead.
Once Davies had equalised in the 50th minute it was the home side who where put under some fierce pressure but Blackburn just held on long enough for Gary Cahill to gift them a second penalty - again McCarthy made no mistake.
The game was effectively over in the 70th minute as Bentley headed home from a tight angle. Deep into injury time and Wanderers misery was complete as Morten Gamst Pedersen completed the rout.
Megson was disappointed with the first-half performance but was pleased with how his players stepped up after the restart.
He said: "We didn't do much chasing in terms of the first half and we owed ourselves a performance in the second half because we never got going. If we approached the game the way we did the second half then it would have been different.
"We caused our own downfall because we were too easy to play against."
Megson added: "The second penalty took the wind out of our sails and ultimately they scored their next two as we were pushing to try and get back in the game.
"A lot of our players were angered with the way it was officiated.
"One of the few free-kicks we were given was when Rasiak was clean through on goal and he brought back play 60 yards.
"Brad Friedel's had two shots that have been hit straight at him.
"No complaints about the second penalty but a lorry load of complaints from the first one."