Hi Terry,
It seems unlikely we will ever know the true motive behind the selling of shares by one of more of these suspicious brokerage firms. The options you listed are all plausible and I have many times wondered what if any impact a Murphy's endorsement brings to ECU.
There is one main reason why I don't fully subscribe to the notion that there is a personal vendetta behind the selling. Murphy has been on board and endorsing ECU for years, even prior to the significant move in early 2006. If it was indeed personal, why did they allow the stock to move then?
sketch