Seems you give market makers too much credit and or blame. While they have taken a role I think they have taken a much smaller role keeping a much more balanced and smaller position in this stock.
In pink sheets they can profit rather handsomely without taking much of a positon at all,,, matching buyers and sellers, taking the spread between bid and ask regularly.
I saw it on most of my purchases, the sells slipping past until they can match the shares to fill my order, and take a spread in the process. They profit without taking a position.
I think you are underestimating the role private traders and unregulated investment traders take in speculative stocks like this. I've done it many times, buying like crazy, on the capitulation.
It's easy to see on small stocks of 20-50M shares. While harder to see and imagine in a stock with 400M shares, it is still there.
Whether it is MM or private traders behaving like you are seeing may not make much difference. (Other than it takes away the fun "conspiracy of MM" aspect)
My guess is the 4, 250K orders are via a broker that has a system that can't handle larger orders. I ran into that the other day in trading Worldcon.
The buying at the end of the day, bang, bang, bang is a buying method I've see quite a few times. If you try to buy that quantity early in the day, the sell orders aren't in place and you move the stock too much trying to buy 1M shares. If you leave an order in place waiting for sells to come to you front runners move it up. However, wait till the sell orders stack-up above the trade level and you can enter a sizeable position, with a few simple buy orders.
The small orders dropping below the normal trade level are odd lots and small lots coming from accounts that aren't allowed to trade pink sheets, some brokers only let them exit the position with a market order. This becomes essentially a profit center for a market maker. There is less and less of that happening each day with HLSH.
I don't think it is an overhang keeping the stock here, more just a normal trading pattern, waiting for 1) time at this level putting the below .10 as older and older history, building off .14 as a base and/or 2) a news event, or general market environment to push it off this equilibrium point.
There is another possibility with the late day purchases. I've seen it before with penny pink sheets (Enron and Owenq most recently). Someone with sizeable position, looking to work the market higher. Rather than try to buy mid day to move it higher (Which results in a falloff at end of day), they buy whatever is there at the end of the day, the last 15 minutes. It sets up the following day to trade a step higher. Do that 4 or 5 days and you can work a stock up some steps, more effectively and with less funds.
Either of these possibilities are bullish......
imho.
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