Col, let me give you a REAL world example of a T trade..... because I have done them......
Company "A" has an active S-3 ATM and a fund wants to buy some stock in the offering.... so the broker calls the company and says "hey, I have a client that will buy $500k of stock at a 15% discount to the bid"..... So the company instructs the broker to do it...... the print shows up after market as a "T"" trade.....
The price does not matter, it was negotiated during market hours and prints after the close.
When a company has an active registration statement or otherwise sells a block to someone it is not shown in the market, it is shown as a T trade.
you notice it happens on almost a daily basis?
My guy tells me this is the funders selling stock to hedge funds at a discount to get it off their hands or it is being used to cover their shot or a combination. They already made their profit.
Col, that's the real world.