Someone said that Pohl stated at the ASM that the number of shareholders of PTSC had gone from 16000 to 23000 in the last year or so. That's 7,000 addtional shareholders. If each of those shareholders bought 50,000 shares of stock, that's 70 million shares absorbed. Does anyone here think that that would cover the 40 million or so warrants converted over the same period?

Mess with the numbers all you want. There is absolutely no merit to the idea that an accumulator MUST have bought the shares dumped in order for Swartz to convert warrants. It could have all been retail buying as illustrated above.