Clayton Dubilier & Rice, The Carlyle Group and BofA Merrill Lynch each held 10.5-11.5% of Hertz outstanding shares prior to their recent sale. Post secondary, they reduced their combined position to 26%. Since Hertz's largest institutional holders have telegraphed their intent to reduce their positions, it is reasonable to assume that they will continue selling shares, as conditions permit, next year. The net effect is to place a soft ceiling of $ 16-$16.30 on the stock.The dilemma for shareholders..... if Hertz management exceeds the street's expectations, resumed selling by the top three will limit the stock's price appreciation. Conversely, disappointing results will have the obvious effect on share price. Bottom line, until the large negative share overhang is cut to 10%-12% the risk/reward is decidedly biased to the downside regardless of company performance. Company officers appear to recognize this reality, since 4 have sold nearly 3 million shares over the past several months.