Folding Cowboys preflop

[Heimdal77]

Hi,
I was discussing a situation with a friend and I'd like to know what you would say about it: he was doing quite bad in a 2€ - 2€ No Limit game at ACF (Paris, France) and at some point he got dealt KK under the gun. He decided to fold his hand preflop and he gave me the following explanation: he was running really bad lately and his stack was really short compared to the others' (full ring, 10 people). He thought that going all in here (he just had 10 times the big blind) wouldn't scare people away and would lead too many people in the pot (the table was really loose), especially after the many hands he's played and lost.
Does that really make sense to someone?