I do believe it is S&L selling shares. But, as I posted the other day, this signals that they are actively converting more warrants into shares, which is the best we can hope for from them. The sooner the warrants are gone, the better. I want that cloud removed from overhead!

Short selling this stock when it's already in the basement doesn't make much sence to me, especially when something big really could happen at any time.

I gotta believe that while the legal wrangling is going on, there are concurrent offers/counteroffers/counter-counter offers flying, perhaps outside the pervue of Townsend & Townsend (i.e., TPL to each of the J3 and ARM, separately).

Assuming the above, short selling would have an extremely high risk factor. Could you imagine being big-time short and a settlement being announced? Ouchy!  On the other side, how much can be gained, from the current PPS, being short? IMO, not much, and that's overwhelmed by the risk.

All JMHO, and I KNOW nuttin'!

SGE