If that's the case, who is selling all these shares at 2, 3 and 4 cents? The small retail investors (who might get "shaken out")? I don't see them holding enough, or willing to keep from raising the ask on high share volumes.
As it is, I think the financing is now dead unless the price recovers significantly. If I recall the deal correctly, the investor can't own more than 10% of the company, which by virtue of it's initial $350k(?) investment, I think it already does.
My personal opinion is that the ability of anyone, including market makers to "shake the weak hands" out is a fantasy of those who don't want to think that the company could be failing. Maybe for a short time it's possible (I look at the famous Dendreon incident), but for days and weeks and months? Doesn't sound right to me.
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