I unloaded roughly 90% of my holdings (was previously just over 1% of the float), and that's why volume was a bit high past few days with someone continually selling.
Though I believe the stock can/will eventually go higher, I think that it's gone too far too soon. I've also noticed similar with other companies which have paid special dividends - after the dividend is paid, the stocks are not adjusting appropriately down to where they should be trading - they're still too high. The current price of EVI is where it was when the dividend was announced, although it should likely be trading at a price that is lower by the dividend amount (i.e. EVI should be below $1 all else being the same - comments on last SA article concurs - market cap should be around $7 million, not 35% higher as it is now). Nothing changed from the day before the announcement till now, only 60 cents/share has come off the balance sheet and to shareholders.
I also think another point is possibly being overlooked - the cash on the balance sheet right now includes $4 to $5 million in deposits - essentially liabilities for product that has not yet been delivered. That money has not yet been earned, and will be offset by product cost when fulfilled, leaving behind the profit/margin.
In any case, having held my boatload of shares for 5 years, and through the Steiner attempt to rape us, the time was right to lighten up and take profits. The shares I continue to hold were effectively free - the house's money and there were still good profits in addition to them. I'll let those shares ride and dump them once the stock doubles.
Thanks for the heads-up! Now that the selling pressure has abated, share price should rebound nicely, as seems to be happening. Selling such a large position over an extended period might have kept a lid on EVI for awhile.