I think it is both sides. Agree with you, but also don't believe they are interested above $2, even if the shares were there. Volume last three weeks has average 1500 shares/day. No demand above $2.
Just a shame Marmaduke won't move aside and let a leader with a chance take over. I guess he lost more than anyone though. I suspect he'll stay on for 2 more years as his salary is worth more than his equity.