Yes it would seem that way, but in reality it was an honest misunderstanding. Long story short (as posted in the International Student section), we read online that if you have a current work permit you should not apply for a renewal until 60 days before it expired, so I applied for my PGWP in September 2013. We thought the off-campus work permit and the PGWP were related that's why we delayed applying for the PWGP. Upon applying for a PGWP we were told it it is outside of the 120 days after graduation.