If I May....
This should not be perceived as a reckless quarrel with anyone over programmed trading. I will then say this "accumulation is accumulation" whether in bot type 100 share increments or routing through different houses to hide source and meaning through to odd lots and jitneys. In my experience if someone of repute wishes to obtain a position, all that would be required would be a simple phone call to his / her broker or market maker. In the case of Eguana, and I have not had much time to really watch trading these last days, it is by definition under accumulation. The degree of effort put forth to box in the trading is directly proportional to the gravity of the situation. In conclusion things in behind the scenes seem to have a heavy resonance.