I don't think it was original PPHMP buyers...
I believe the first time they sold preferred, it was required to have hundreds of customers... Meaning it could not be sold in large volume to any single buyer.
That being said, after PPHMP started trading, someone started paying over $25 for those shares. I believe some entity consolidated and a couple months later started shorting to lower PPS.
If someone was purposely trying to manipulate the preferred PPS (or the PPS for PPHM), one would have to guess that their goal was selfish or at least in their own self interest. So, that could relate to BP's or large time stock broker type players. If so, those types have deep pockets and it would not be beyond the scope of reality for them to sell for a loss to lower the PPS... Ultimately to either buy more at lower prices or to force Peregrines hands during negotiations!
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