The problem with your logic is in a buyout the share holders shares do not become worthless. The shares are turned into the buyers shares. There is no need to dump huge chunks of shares. Plus John didn't own any shares.
A more logical explanation in my opinion is this was always a pump and dump scam and the insiders are bailing because they have pumped this POS all they can. They now need to start all over with a new scam.
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