Hey Crazy, they are not destroying, at least not yet. They are just deflating the hell out of this stock.
The reasons are as you say plus...
Low sp means they can get hold of more shares when a PP comes through. This way they usually get even cheaper shares then the rest of us.
They are after the control of a larger part of the company and this is the best way to do it. If the trading volume is low then it does not take much effort (cost to them) to lower the sp. As long as they know that the company needs those financings they will continue.

We need to ride their coat tails and grab what we can at fire sale prices.