Oh yeah, those! Preferred shares being converted, restricted shares coming off...everyone wants to sell, and they all have alot more than we could guess...and most of them just park on the ask and never move.
I guess most buy the preferreds, and later put a limit order to sell with their broker for price "X" and never bother to update their orders again.
Meanwhile, the PPS just hits this wall, and refuses to budge, because Bozo isn't trading his way out of shares, and he certainly isn't interested in investing long term in the company, he just wants out ASAP.
And the lower the PPS of a stock, the more likely you are to encounter all of these landmines....
weeeeeeeeeeeeeee!!!
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