S&L were restricted to holding under 10%, so the only way they could obtain a return on their investment was to sell/convert/sell/convert/sell...

I understand the reason he needed to sell to get under 10% and I recall Pohl announcing Swartz was selling for that purpose. I remember a lot of us talking about how long that would take when Swartz would be done selling into news and we would see news events where the stock price would start going up. We found out later that Swartz continued to sell his holdings and this was not announced and I suppose it didn't have to be.

Why have stock tied up indefinitely when other business opportunities awaited? Financiers are not long term investors and will take an early exit nearly every time.

Other business opportunities? PTSC seemed to be a great business opportunity unless Swartz had good inside information that the J's settlement would be for very little. Remember we had to wait until the Q to get an idea of what the settlement was with the J's. How many shares did Swartz unload during that period when other investors were anticipating a larger settlement and purchased shares in anticipation?

Steve