I didn't know any institutions, and I'm stretching that definition to include Pacific West Financial, were still holding. This management team is unable to attract institutional dollars, except for some bottom-feeding piranhas that prey on idiots who think they're "all that."
Even if the company's in the crapper operationally, good management that instills confidence will bring in institutional buying. When institutions see a company's own management dumping, that doesn't exactly send a message of confidence to fund managers.
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