I don't know who in particular was selling but they did not use a registration statement. The 2010 lenders converted the notes via rule 144 after 6 months of holding. I remember St George had a huge number of warrants they were selling and they gave Radient notice to convert just prior to the press release about CIT. I would have to go back into the filings to see when the rest of the 2010 lenders were selling but the 2010 lenders all made a ton of money from the loans, penalties, etc.
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