Wild Man, I have a MM that works in my office bldg and have had several discussion with her on LLEG and the Grey market. Folks can beleive what they want but there are still MM's involved and it's not just a B/D matching orders, I have seen it firsthand.
Not that this really matters, it's still not a good thing to be trading in the grey market as a matter of fact when I gave her the story behind LLEG and asked if she had ever seen a stock move from grey to pink she said no. Not that it hasn't happened, she just had never seen it happen. She also said that most pink sheet are a scamm and a longshot at best. FWIW