Spokes: The reason some people are saying it's not retail buyers is because the blocks are so big. If someone here puts in a buy, perhaps those who have Level II access can check whether it shows up separately or gets combined into a larger block. Another thing to consider is brokerages will first try to fill a trade with shares in-house first. If they don't have sufficient shares to do so, then they'll go to an MM. I suspect they combine orders of those coming in at the same time thus showing up as a larger block.
The seller could be anyone who has been issued shares. If you pull up the old SEC filings and PRs, you can make a list of some suspects. Without current filings, it's hard to make a complete list or even to know how many shares the insiders issued to themselves. Sometimes companies will put in anti-dilution clauses into deals which make the initial issue balloon up as the o/s balloons. Without filings, one can only speculate what's going on.
The volume here could be MMs swapping shares to give the illusion of interest. Wouldn't be the first time it's happened. If people suspect wrongdoing on their part, then IMO they should complain to the NASD and request they investigate. I agree with your other post. Shareholders should press the company for info about the share structure and the seller(s) until they release it.
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