Shareholders are NOT 89-90 insty. Most such sites have not updated info on insty holding. BlackRock sold out - read power of attorney; one of them reported on behalf of the entire group, and that's why they checked >5% change in ownership. When a stock plummets from 12 to 1 dollar, you can be pretty sure there is a heavy insty dumping.
I would not be surprised if current insty ownership is less than 30%. Also I would not be surprised if TG currently has almost none.
Maybe it would be helpful to show him the rest of that presentation from AdvantageCap....the part where Fidelity wasn't interested in selling their claims.