Today there were about 75,000 sold on the AMEX in the last 10 minutes and yesterday there was about 92,000 shares sold in the last 10 minutes. Plus whatever got sold in TSX in the last 10 minutes each day. For sure there is a seller about plus I would say a serious buyer who is backing up as they buy. I wonder if the buyer is this Trishield Capital fund who had bought 6% of the shares outstanding (2,611,177) as of 13D filing in July. Their average buy in price was just over $3 per share as of early July and maybe they have continued to accumulate to lower their average cost, just a thought. I have no idea who the seller is but it appears they are liquidating into someone who is willy to buy volume as the price declines.
I know some think this is short sellers but I'm not convinced although they may be contributing some as are the algo traders. When this seller of size stops and they will, things will likely ramp backup. I bought more today myself as the company is getting virtually no value for assets and had $30 million in cash as of June 30, 2013.
