was to unload the majority of his shares into the rush that occured as a result of the Dividend announcement and ramped up publicity. There had to be big enough demand for him to be able to unload in large enough qualtities to be effective and yet unaffect the price. As demand waned, he had to bleed his shares in so that he didn't swamp the market with supply and overly impact the price.

You wrote: He necessarily had to sell existing shares to accomodate the conversion of warrants into shares while avoiding share count limitations.

The Share limitation referred to 9.9% of the "Outstanding" as I recall, and Warrants are not a component of the Outstanding. So his "selling" those existing Common shares did not necessitate him doing anything with his Warrants. His sold Common shares had no "accomodation" implications to the Warrants he was still holdings, and they weren't in danger of expiring either.

My point is he did not "HAVE TO", as you stated. He voluntarily did it only so he could constantly continue to have an inventory of shares to sell; the ones he already held in Common form was soon to be replaced by the ones he was converting into Common so that he would be in a positon to sell them too.

Your defense of Swartz dumping his holdings that I think amounted to something like 120,000,000 shares is, well, ridiculous. He knew the consequence of that, and perhaps he had additional insight to what we have come to appreciate from Gloria's infamous statement to Stan at the 2010 or 2011 SHAM, "you had your chance to sell at $2." (or something to that effect).