What restrictions? He can sell all 6 million shares whenever he wants (though that's likely to tank the price). The only requirement now as a 10% owner is to report any changes in his position within 2 business days of the change. Personally, I think that's why he bought on the open market rather than making a PIPE investment, which probably would have cost less, provided the company with some needed funds, but likely have resulted in the shares being restricted.
His shares remain in the float.
As for fails-to-deliver, his trades settled long ago, so if they were somehow backed by naked short positions, I think the company would know by now. Also, if there were many outstanding fails during his purchasing spree, surely PNTV would have appeared on the Reg Sho list sometime during that period. Indeed, PNTV has not been on Reg Sho Threshold Security List for over a year. http://www.otcmarkets.com/stock/PNTV/short-sales
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