The purpose of the blocker provision was to limit the actual shares the lenders would hold at one time. If they held 10% or more, they would be limited by rule 144 in the amount of shares they could sell. The lenders wanted no limitation at all on the amount of shares they could sell.
Mac was very accommodating to the lenders because he was fearful they would sue his rear off. He lied to them. That was very clear and the lawsuit they brought against Mac and crew was dropped when he basically gave them the right to sell an almost unlimited number of shares.
The lenders would have gotten a lot more money from selling all those shares to gullible retail but someone absolutely dumped their shares in huge numbers driving to price so low that the lenders really didn't get much money from all the shares they sold. I suspect the guilty party who drove the price down so quickly was either the law firm involved or the placement agent.
I have never shorted nor intend to have any financial interest in this stock. I am not connected with anyone who trades, shorts or has financial interests in this stock. I only post facts and my opinions. I do not post on IHUB with different aliases.
