I see your point. and that entity's actions aren't even insidious in the least. it is effective, but it does suck for those who got shaken out.
How long was it between the reverse merger and Dalhman signing on with them officially? I don't really know about the timeline back then.
the only counter-point I can think of regarding your theory is that it's an assumption that someone was so interested in this stock back then with such a long timeframe allotted for a pink sheet. What kind of entity could hold such a long perspective? Seems most likely that the entity would have some king of relationship with an insider.