RE: Shareholders You are an amateur. Most investment policy statements would prevent most pension funds, mutual funds from owning that much of a company unless that was there specific mandate ...to take over companies. Typically they would not want to hold that much. They would end up on the BOD with such a holding and would not have the ability to buy and sell around their positions. Many small cap companies don't have shareholders more than 10% except for management. If they don't have a large shareholder it does not mean a thing and only means they have numerous shareholders. Many managers will start with a 1% position of their portfolio mkt value and take it up to 5%. Beyond 5% would start to get too concentrated and their investment policy statements would often prevent them from going over 10% of their total equity portfolio value. Depending on their assets under management that would determine how much of the company they would end up with. However, they would be watching how many days of trading would required to eliminate their position and this may restrict them from becoming too large a player. There are some managers who do take positions of that magnitude >10%. One of them was in Ithica until recently with a 13% position and he was a deep under valued player. My guesss is (by looking at his fund holdings Mar 31) is that he switched into Iona. That does not mean IAE was or is a bad investment it only means he thought the other was cheaper based on his anaysis He no doubt purchased it lower down when it was extremely under valued which was his mandate. Your evaluations on IAE should include some analytical calculations using some form of metrics to support your conclusions. Thus far, they are sorely lacking such that you are of entertainment value only...and barely.