For what it is worth I wasn't able to recreate this using the same package version and command on quantal. I wonder if you tried to add the ppa immediately after creating it in Launchpad and that may have caused an issue.
Looking at it some more I guess something like this would fix it:
if signing_key_fingerprint is None:
return False
after the try, except for getting the key fingerprint.
For what it is worth I wasn't able to recreate this using the same package version and command on quantal. I wonder if you tried to add the ppa immediately after creating it in Launchpad and that may have caused an issue.
Looking at it some more I guess something like this would fix it:
if signing_ key_fingerprint is None:
return False
after the try, except for getting the key fingerprint.