I guess they wanted out, on the announcement of the closing of the deal with Merlin, "no matter what." They'll regret it.
Once the block(s) are done being cleared, this stock will be taken back up to $1.00-1.15...probably in the next 4-12 weeks.
Consider any further decline from here an absolute gift. (Hell, I consider 65 cents to be enough of a gift.)
Not sure why the Street doesn't consider that a refinanced EMMS might not be in a position to buy back pfd. stock...and maybe facilitate the CEO's making another run at the company...certainly if the stock stays so cheap.
This thing is drastically mispriced. Risk is dramatically lower from a few days ago, yet the stock does NOTHING to reflect that. WRONG!