Poly,

There is to me an absolute lack of logic to your post but I never say never). Here is my logic which I have bet on substantially in the las 6 weeks:

Volumes and price have been relatively low. The wt holders had every opportunity to hold the price down even further than $5 .

Poly: There is a lack of logic to your post in my view, although in this market some crazy things do happen. Here is my thinking:

1) The wt holders had lots of opportunity to push the sp below $5 with extended period of low volume. They did not

2) If they were not buyers, they would be (and would have been)sellers at this price. These are pros who do not run on hunch and emotion.

3)They would in fact seriously upset RN by not exercising, that is a somewhat rule of pps, and would get no further chance at NOT pps.

4) RN would feel ganged up on and his next move could be an early approach to the larger miners. Too early in everyones view, so they would be shooting themselves in the foot.

5) Other outfits see what is going on and will then only go to PNP as a last resort. I do not see your view that this is effectively a pressure play, as that is not well reacted to