Milsy, et al.

I think you are bang on with a few of the assumptions. It would be hard to realistically ever know what the "cumulative" total of how many shares Pinetree actually "controls".

Thanks for the post's from others showing Instu holders percentages. Some are accurate some aren't. Funny that most of the research reports out there don't show them to be top holders.

Yet if you go to Hoovers.com (part of Dunn&Bradstreet) info on 65 Million companies and people (the google of business research). The search results are typically very accurate and will rank the search with the top "associations" it may have with other companies. If you try a search for NOT you will get a list of the top 3 "associations". Pinetree is on that list.

The computer is actually telling us who has the most interest by the ranking methodology program it runs. So you are very close to right, imo.

It is also revealed on the descriptive paragraph below about Pinetree Capital (from Hoovers):

Pinetree Capital invests mainly in small-cap Canadian firms, both public and private, in the natural resources and technology sectors. Operating through two partnerships, Pinetree Resources Partnership and Pinetree Income Partnership, the company usually takes stakes of between 5% and 15% in its portfolio companies, which entail more than 350 firms involved in the exploration and production of precious metals, base metals, uranium, oil and gas, and molybdenum, as well as early-stage biotech and energy-related technology enterprises. Its largest holdings include Cline Mining, Mega Uranium, Queenston Mining, and metals exploration firm Noront Resources.

I believe this is up to date info. Trust in Hoover............sorry Lar. LOL!

Have a good weekend all!

mynot