That would never happen in that world with that deal, IMHO. Blocks aren't sold like that especially for that type of seller and never at a loss, and a discount without getting something in return, there is a deal somewhere there, either with Ascena that is yet hammered out or someone else, another private equity firm he was using the shares in lieu of cash to make the deal for what they were selling and at the same time get a huge tax loss at the same time, not when the company was showing it was on the way back, that just doesn't happen.
If he were to want to just sell them, which I cannot fathom why, he would have gotten a desk to sell them over two or three days on the open market similar to a new MM coming into an OTC stock selling dilution shares.
He didn't just wake up when things were looking good and headed to out of the darkness for a 40% discount of the market price. And if that were so like I said the stock in the market would have reacted negatively it didn't it did the opposite.
Also if just to sell them for $3 million why not sell them to the company who he had a working relationship with for 4 years? Could have gotten 3-4X that now that the company has the cash and passed the liquidity threshold to be able to buy shares.
IMHO.
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