I see their selling in the context of a change of mind. But that's only my interpretation. Because immediately after their last sell, there is a massive buying push over just 3 or 4 business days. As if a sudden change of mind happened: They saw an opening to take control and took it. That's a possible interpretation and how I lean. That explains the selling to me.
I don't know how it would be illegal though. Anybody can buy stock and take control of a company if people let them. That's what happened here. People voluntarily sold their shares to them. It's a free market. Even I sold 2/3 of my position. It was a quick power grab,and they did file immediately. Just blindsided us all I think.
I don't think buying the float and squeezing shorts is illegal. Why would it be? it's a free market. Shorts don't have any regard for anyone. They were happy with shorting and I'm sure would love to cover at 10 cents if given the opportunity. That's the risk they took. I say more power to NILE. They probaby are in a position now that they can't buy much without pushing the stock price up, hence they just take nibbles. Because they do appear bullish. More shares mean that much more profit if they see a future where they sell the shares at more than the current price they are paying.
The float is just those paper hands in my definition. Shorts have to make a decision as they get squeezed. Do they keep holding out, waiting for a lower price. Or do they see hope dwindling daily as NILEs strong grip gets tighter around their neck! Squeezing them all the more. Who do they buy to cover from? NILE? LOL If he keeps buying, that may be their only choice. So, they need to just assume the position and take their medicine as I see it. Either now or later. I personally enjoy it and don't see that as illegal! That's just free market dynamics! They chose to be here. Now, assume the position, shorts!
