If this is naked shorting b/c of guaranteed inside knowledge of bk, that could be an explanation. Not even a fool would still be shorting at this price otherwise.
If there are shares to convert through dilution that hasn't been reported, that could be a different explanation.
If there were general knowledge of bk, the drop would have been drastic along with the volume instead.
I don't buy that people are just gradually selling day-to-day b/c of bk speculation.
Any other ideas?