Of course Swartz starved the share availability by holding his shares back. If not, he would have swamped the early demand and received a lesser price for his shares. The demand for shares exceeded the supply, so the price went up. When supply caught up with and then overwhelmed demand, the price stalled then retreated.

Converting from untraded Warrants to Shares is a simple mechanical process performed by the Transfer Agent. I don't know, but my guess is that the entire procedure takes less than 24 hours. The price run was in 2006, I don't know/recall when the Swartz entities converted their warrants to shares, do you ? If not, how can you claim they weren't available to trade as part of the float ?

My guess is that Swartz converted his all Warrants early in 2006 just so he would be ready to put those shares into play; absent those he agreed to sell back to PTSC at a significant profit. You apparently don't think he knew full well what to expect with the blasting of repeat Dividend news on a sub dollar stock.

I believe the anticipated frenzy created by the dividend and early license fee announcements were Swartz' exit strategy.