cajun
what that trade represents is the seller (chantrea) filling in the MM who sells for them. The seller gives the MM an order to sell shares during the day. The dumping is about volume, not price. They need to sell "x" amount of shares. They will go out and sell 18 million shares during the day and the customer will get an avg px on the sells and will sell the stock to the MM slightly cheaper. For instance if I sold 18 million shares for the seller and my cost on sales is .0238 the customer will then sell it to me at .0228 or a negotiated price which will cover the traders expenses and give him a decent profit for executing for him. After the close, the MM will figure his avg price and the amount of shares and then the customer will write 1 ticket to fill him in. This makes it easier for all involved and saves costs as well.
This is the reason you will see the market suddenly drop on huge volume. The seller will say to the MM to sell 5 million shares with a low of .02 and the MM will go out and simultaneously hit all the bids through .02 at the same time so he will make sure to hit every bid without competing with another seller. This is why you will see prints going off at .02, .022, .023 while it is still bid at .0235.
I will admit at this point, with the frequency in which the seller was making sales yesterday (which was non stop towards the end of the day) I am a bit confused. I am not sure if he was doing this because he was getting close to being out of shares (which is what I initially thought) or if it is because he is getting more shares or if there will be more sellers and/or bad news coming and he wanted to make sure that he was out of his stock. I was actually going to jump in on the close and buy some for a quick bounce but the frequency in which the seller was dumping, spooked me. I have a feeling that the carnage in this stock is not over yet.
