RE: a few things
Fleet... its a very valid question, and I honestly dont know I have the answer. What I do know, is that huge selling started around 70 cents from Anonymous and RBC.... and to a lesser extent, TD. And not just regular selling, but "pattern" selling. The kind that looks and feels like you arent necessary a real seller, but a manipulative seller. Ironically, this relentless selling was often followed up by a Paradigm cross, almost always shortly after a meaningful price drop. This is EXACTLY the pattern I pointed out to the BB here, and to PLI management prior to each of the last two financings.
The stupid thing is, this all sounds like a convoluted conspiracy theory.... and perhaps that's all it is.... but to me it has signs of alot mroe than that....
What I can tell you, is that this "pattern trading" started well before the LOC announcement, and has undoubtedly continued... Keep an eye out for it, and you'll see exactly what I mean.
I have actually spoken to a couple of my ex institutional buds about this, trying to see if they can get to the bottom of the selling. We actually went so far as to actually show RBC trading desk a substantial BID at a reasonable price, to see if the wanted to clear a block.... but they did not... yet they keep selling. This is the true hallmark of program selling.... generally the kind of thing you see from someone working or protecting an already established short position.
So... is there a significant undisclosed short position ? I doubt it... The guys I know suggest its either one or two aggressive institutional accounts, trading in concert, working the price down by selling from their own position... on the knowledge that the company needs money... and they will be able to reload, effectively "working" their long position....
Back to your point...can PLI make it thru without a financing by using the LOC... YES.... BUT, while Nanuq definitely will take on a principal position in Prometic, I really doubt they are putting this on all their books.... They likely "jitney" this stuff to other principal buyers..... so I think these guys still think they will get their opportunities to buy back.
If they dont, then they probably dont care either... because they are selling from a profitable position. Its a very aggressive strategy, but one that is increasingly common in the hedge fund world of being happy to make 5-10% on a quick turn... and get back in.
Unfortunately, the lack of TRULY and indisputably good news from Prometic... the kind that we all hope will bring in the long awaited avalanche of buying... just simply hasnt happened... so these guys go one playing their game at our expense.
It frankly wouldnt surprise me at all... if one or more of the more knowledgeable or valid bashers here is potentially part of the equation somehow.
The good news in all of this is.... if the company does finally come thru with truly tangible news.... in the form of either a significant 1402 partnership / licensing deal, or a lead order from a European nation for PRDT Bags... or some kind of other MABS deal... or a huge Fractionation deal with one of the Tier One fractionators..... ANY of which could happen at any time.... we will gap higher.... and it wont matter what the hegde peddlers are doing.. And that is why I hold this stock, I do believe, despite all the grief, that these guys will be successfull.... DESPITE THEMSELVES