Pic- Are you assuming that Delaney was the one doing the shorting for JMJ, since you speculate that the MM might change? Not sure about that- there were obviously at least two competing groups screwing with the share price. There were continual small buys at both the bid and ask, and the sp was painted both up and down at the ends of the day. Add to that the large dumps (which seem to have abated) as well as the large buys in a pattern that seems to indicate the same buyer.

Say what you want about PQ, but one thing he has been consistent in is being cheap. He may give out lots of shares to himself and his family, but not to outsiders. I was always reluctant to attribute the depressed sp to PQ trying to get more favorable conversions for the creditors, because it didn't seem like him. Seems much more likely that it was due to actions by the creditors, trying to get more shares. And if PQ can show that it was deliberate manipulation contrary to the terms of the loan, then more power to him.