Larry, that block has all the earmarks of an amateur.
The way the stock sold off ahead of the block, the way the MMs took the price down ahead of the block, the fact that it went at the bid, etc... it doesn't appear to have been done by a professional. They aren't usually that crude in executing a trade. (It reminds me a lot of the way Steve Jobs sold some of his Apple stock years ago, when Sculley kicked him out.)
My guess is that it was either an amateur, or a margin call. Given the size of the block, my guess is that it was either an insider sell, or a former insider sell.
Don't bother pounding me on this one; I doubt either of us will ever know the truth. I thought I'd throw up at least several other plausible alternatives.
BTW, the time has come and gone for Insiders to report trades for December, and no Castle Creek report. If they sold stock short early last month, as you have suggested repeatedly, wouldn't they have filed the required disclosure with the SEC by now? It appears your prediction of Castle Creek selling isn't being born out by the facts.
Paul |
