Yesterday, ZEITmagazin announced that that was wrong. A copy of almost the entire movie was found in Argentina. It's a second or third-generation copy, and damaged, but it can be viewed, and we can see the story. Even better, the Friedrich-Wilhelm-Murnau Foundation is dedicated to bring ing the new footage out to the public!
Time to break out my Kino copy of the last restoration, to tide me over until 2010 or whenever they get this version restored.