Might be, sure. But if you hold a lot of votes the rational course would be to use your influence to push for a refinancing rather than taking what you can get on the open market with thinly traded stock, I think. You've noted that the current guy on the record is somewhat known for reverse takeovers. While some of the private placement shareholders most likely have sold shares from time to time to try and get out with what they can, I doubt the large block shareholders have.
But I take it that, as you agree small trades are market makers, you are reconsidering your claim that these small trades indicate insiders are trying to paint the tape.
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