My take on these so-called T trades is that they are a reflection of the liquidity created by the resolution of private placement MMU holders from 2007/08 as mentioned in the PR dated 2/18/10. If I'm right, these T trades are sizable pre-arranged transactions and in that sense are neither at the "bid" or at the "ask".
On a related topic, IMHO the MM's will thus continue in their facilitation of the current downward price spiral in order to profitably acquire the significant share volumes needed to complete these transactions...