No, actually his ownership of Baltia shares have gone up considerably. As of 1/04/13: 302,651,000 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10256751 As of 12/31/14: 322,651,000 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10425766 As of: 2/17/15: 442,650,995 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10500838 Granted we have no clue as to what other PP shares holders have done, but his activity can be found in the filings. I presume the most recent 120,000,000 restricted shares acquired, are for the fuel he promised to buy for the proving flights.