Yes, when the ask is down 12.5% from the prior day closing price and there is a huge supply available at that price, you do get some buying. Unfortunately it probably means that after a few attempts to move the price back up on Monday, next week will likely see yet more new ATLs.
Who could be looking to pick up a quick $5 grand just before the weekend?
Update on 2011 weekly stats:
1/3-1/7 - .009-.013, close .01
1/10-1/14 - .006-.01, close .008
1/17-1/21 - .0055 - .0093, close .007
1/24-1/28 - .005 - .0075, close .005
1/31-2/4 - .0045 - .009, close .0079
2/7-2/11 - .0048 - .0079, close. 0055
2/14-2/18 - .0043 - .0055, close .0046
2/21-2/25 - .004 - .0049, close .0041
2/28 - 3/4 - .0035 - $.0048, close .0035
That's about a 65% drop in this year alone and a 93% drop, post reverse split. 9 of 9 weeks have lower lows, 8 of 9 weeks have lower highs and 8 of 9 weeks ended lower than the prior week's close in 2011. Considering those selling shares are more likely to be suppliers or service providers to the company than buyers are, I suspect this does not bode well for the next 10Q due in 2-3 weeks.
Market Data 
Markets 
AI
