Guys, with the huge volume (incl. the 1.9 mil block Fri), some big holder must be dumping. Otherwise, there's no way the price would be stuck way down here.
My guess is Brewer. Based on his last 144 filing (for 1.6 million shares last August) and assuming he actually sold all he registered, he would still have just under 2.9 million shares. He made it pretty clear last year that he was making a complete break from ELNK and it seemed clear he intended to dispose of all his shares, but he may have been waiting for a rally to get rid of the rest.
If it's him, we should see a 144 filing soon since, as far as I can tell, his shares were never covered by any registration filing. It may be a couple weeks, however, before a 144 shows on any of the free services.
Does anyone here subscribe to a service that might tell us sooner?
Bob
PS: If it's not Brewer, the only other holder it could be, IMO, is Sprint. I just don't see ITC or Soros selling here and there's only one institutional holder, Citi/Smith Barney, that owned >1.9 million (the huge block from Friday).
PPS: The good news is, if it's Brewer, he has to be done by now. |
