Rob, here is what is going on.
#1 Someone which some cash puts in an limit order to buy that is higher than the current Bid.
#2 The broker for that someone routed the order to a market maker (NITE).
#3 NITE, in turn, posts that offer to buy on the Bid, since it literally is a "BID" to buy shares at that price.
#4 Anyone with real time quotes will instantly see that the Bid has increased - delayed quotes will show the increase in 15 min.
#5 Someone in the world sees the offer, and decides to sell some shares with either a "market order", or a limit order at that exact same price or lower.
(From the action we have seen, we can 100% conclude that the order size on the Bid has been larger than the orders that have been sold. If it were not so then that Bid would no longer exist.)
#7 All sellers thus far have been filled for all of their shares. When then have sold, they were given the cash, and the Buyer (the person on the Bid), was given the shares.
#8 Each day the buyer on the Bid has changed his limit order through their broker. Each time it has been increased. This has led to the Bid going up on L2, because the broker told the mm to raise the price. Just that simple.
At the end of the day I have to say that this buyer has been very patient in their approach. They have not been hitting the Ask (except yesterday when the Ask just happened to be the same as their new Bid), and they have been only going up slowly each day (which is why I predict that today's new bid before the close will be .013. The Ask will only go up if someone hits it, or if they decide to dump). Of course, that said, apparently they are not content to just sit at say .01 for as long as it takes.
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