The fact is neither you nor I, nor anyone else can concretely determine why they didn't file and what the hold up might be. Experience and common sense tells me why. Veal explained it and I'll run with that for now. That is exactly what Mr. Veal wants - people to believe him. Without that belief, his share selling tactics don't work. Your best bet is to follow the volume and price action, forget all the noise from the insiders and everyone else. Buy/sell based on these and you win.