Well... I'm the type to watch lvl2 a week straight prior to purchasing something....
The movement that I observed in reference to market maker activity gave indication that most, if not all shares were converted by the seller.
CRGP is an interesting one actually. After announcing a massive share buy back and closing a 14 million dollar deal, I knew that the company would intentionally allow for the conversion of shares to settle short term debt rather than settle it via cash ( and believe me, they have tons of cash at the moment). The reason behind doing so reverts back to the company's preliminary motive of buying back shares at a MASSIVE discount when compared to the stock price in the past.
Looks to me as if their plan worked out successfully, and you know how I know so? The stock traded like it had a 30m float today, despite the fact that Hundreds of Millions of shares were just dumped.
But hey, I could be wrong ;)
