Such matters must be handled delicately. If an insider were to buy a substantial interest in the company in advance of anticipated positive news, such insider would run the risk of being accused of insider trading. Conversely, if an insider were to sell a substantial interest in the company in advance of bad news, the trade would likewise raise some eyebrows. This is particularly true of a relatively thinly traded corporation, as any major buying or selling activity could have a profound impact on the current PPS. Sure there are mitigation techniques, and corporate insiders are not precluded from trading in the company's stock, but the risk is amplified when done at the cusp of anticipated major developments (whether one believes in the merits or not).
Shareholders with substantial interests who are not insiders are a separate matter. A shareholder who obtains shares pursuant to a corporate buyout would understandably seek liquidity and diversification to protect his or her interest from unknown risks outside of such shareholder's control. If such shareholder were not convinced of the prosperity of the business plan of the acquiring corporation, then of course there would be increased incentive to sell. The motivation behind "ex-insiders", so to speak, cannot be determined with any certainty, assuming they are selling at all. The heightened volume certainly suggests activity by a larger shareholder(s), so I certainly do not dismiss the possibility of former Pak-It or other previously involved individuals from selling, but I question whether a correlation can be drawn between the selling and the assumed knowledge on the part of those who have exited the business (I am reading into your post, bueno, and do not mean to attribute these statements to you). Departing insiders are no longer privy to insider information (assuming they ever had insider information of P2O, given the distinctive business entities that comprise JBI), and I believe there are often holding periods for even former insiders that create a gap between departure and free trading (my vague recollection is around 3 months for unregistered shares, but please step in anyone to correct me).
