Your forgetting one very important point. He has an offer to sell the company right? Why is he selling the company and also selling shares into the market. The "buyer" would certainly have a problem with this!
You guys really need to sit back and look at the bigger picture here. Try to put aside emotion based on your holdings and really look at this. This whole thing makes absoultley no sense, therefore there are things going on that is not what is being said. IMO