Now there are several things to consider.
1. At 4.80 there would have been a known line in the sand of which you could predict the shares (almost 5M) would be available for sale. The price would have been higher so they couldn't take PPS down during sale, so that would have been a controlled event.
2. Now the relationship, which I believe is very close, between Honig, Hudson, IPNAV and Frost comes into play. After merger HUDSON has beneficial ownership of 9.99% and will be unable to sell their warrants. IPNAV will have 8.99% and Honig 7.59%. I do not think that Hudson would take kindly to either of the other two selling off and lowering the value of their investment since they have put the most financially into the deal.
3. Now you may wonder if someone would be willing to short this down to .02. I absolutely believe that is an impossibility. The amount of money invested by the big 5 to this point, the amount of money and almost one year it took to complete merger by LTG/DSS and the pending lawsuit would all nullify that. Not to mention the 7.1M shares still available.
These things are put in to protect the large investors should the proposed warrants fail. Most of the time investors hear "more shares issued" anywhere they think dilution. The net effect is the same sans predictability. I think this was voted down by non insiders misunderstanding what would happen.
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