I remember reading in one of the short articles that Starr was apparently trying to urge CCME to do a $100M offering. Whether true or not that would certainly be a large stake, greater than 5% and I wonder if they didn't halt the stock while negotiating with a large institution if that is reasonable grounds for a halt.
I'd imagine if CCME is legit then a big player would like to use the depressed price for a good deal maybe at $15 or $16 a share and perhaps they have already bought a large number of shares off the open market so with the additional shares it would give them an even larger stake.