"Are the likes of Berlingame and Avelar stupid? I think not."

Or they could be like the rest of us - shell shocked with no opportunity to sell before the slide and so little left of our original investment that selling here makes no sense. They are possibly in a worse position in that they have so many shares that any attempt to sell would drive the price to zero, so they will hang on, like the rest of us, and hope for better news next year. Regards Paul