Back in Jan of 2009, BCBS received 14.6m shares. At that time, it was close to 5%. Does that not look like an institutional investor? http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=6361368 Filing 13-G/A Dated: January 26, 2009 INDEPENDENCE BLUE CROSS Name:Richard J. Neeson <-----------(recognize that guy) Title:Senior Vice President BTW, I agree with NeckToe, "donor-anything" implies public. Just not for CordBlood yet.