What I wrote was tongue-in-cheek. Even if the transaction was/is completely legit. the only way in my mind that it could be justified would be the scenario that I imagined. I wonder if one or more of those insiders threatened to sell off a large chunk of their FNC position, in order to facilitate this deal going through.

I think this transaction was a travesty. Their cash position was $1.5 million according to their Q1 2013 Corporate presentation. If they needed some operating funds to bridge until the Argex shares became unrestricted in October, they should have sold the bare minimum shares to fund the gap. Some could argue that there is a chance that the Argex shares might be worth less in October, and thus this move was the most prudent thing to do.
However I would guess that the large majority of FNC shareholders would be willing to bet that the Argex shares will not drop to $0.70 by October, but will more likely be trading significantly higher than $1.10...I gues we'll know in October if this was a savvy management decision, and in the best interest of all shareholders.

Cheers, Luker