A recent post from Madison 1063 explained that he/she would be dumping over 100,000 shares over the next several months. Yesterday could have been the start of this selling. The sad part is that they only sold 2-4% of their position and the stock was down 26% on the day. If/when 95,000 more shares come to market on the sell side, this will be trading south of $1.00/share.
As much as it pains me to say this, the pattern seems to be 1-2 weeks of no activity in the shares followed by a day or two of relentless selling. There are no buyers in sight and no support in the chart.
Once again, if management is unwilling to step up and make some insider purchases of shares at these levels, what should make us confident in doing so?
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