You are assuming they (not wave) could control the timing. Not so sure this time. I also would be surprised if the hedge fund was only privy to the information I know. With almost no cash on hand and an opportunity to buy Wave stock ( not secured bonds), how could they not be concerned about the business, revenue, expected deals etc. It appears to be one fund and thus the information could readily be supplied without the complexity of a roadshow. Well everybody has an opinion.