Old Timer, who say it wasn't a retail investor? LOL, This is just one large SOB with a lot of shares, and he's still sitting on the offer. It could be an individual in his kitchen trading through Fidelity having tuna sandwich and dumping 20,000 per day.
The only person that who would know, would be our IR department. We don't know why he/she is selling, and we don't know whose selling. It could be a placement investor with 500,000 shares @ .35, with warrants about to expire and needed to unload.
If you look back at the financials, there were some .35 warrants that had expiration dates over 12-18 months, with the final warrants expiring in OCT 2009. I believe there were over 3 million warrants.
NITE is known to be a shaker, how do we know that the seller wasn't getting screwed so the buyers could get a better deal.
IN the end it doesn't matter. IMO, this isn't company specific, will look back on these passed weeks and say, man why didn't add a little more. The fundamental story has only gotten better, and will only get better, IMO.
Update, NITE is no longer sitting on the offer. Now Hill has a buyer, I'm getting the impression the sellers could be getting screwed, IMO.
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