I would hopethat there simply isn't any buying because buying now will give an investor an odd number of shares. Waiting a few days, they can buy the AmalCo shares and not have to worry about the conversion.
So if the buyers back away, while pizzed off shareholders are still selling, that would drive it down maybe more than is reasonable. At least that is my hope.
Sub $30 for AmalCo is getting to the point where people like Nutall might start kicking the tires.