Retail is probably buying in hopes of a big bounce. There has been tremendous downward pressure on the stock and the odds are now in favor of a bounce. Especially since the company still seems viable.
The secondary issue with regard to the so-called "toxic lenders" selling the shares they have converted is that in most cases the market maker they choose to perform the "tranche dump" will also short those shares down as high as 5:1. So a 1 million share dump can easily become a 5 million share dump.
This is why companies in this sector end up in a death spiral even if they are actually making money. It is usually the combination of a lender and a market maker trying to maximize profit on their "investment".
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