david - Coincidence, maybe... but if we take the round number of $1M to be funded with $0.60 shares, then we have close to 1.7M new/restricted shares which would need to be purchased by the PPO underwriters. Possibly this PPO investor(s?) decided to just sell a like number of existing shares held into the market at the then higher prices and bank the difference. On 5/9/06 the drop was from a high (which seemed to be stable/holding for weeks) of 1.27 to 0.87 on a volume of 1,768,400 shares (closing at 1.06). Some stop-loss take outs along the way would add to volume.
Just speculation here,
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