I believe the trading window has closed for those employees who would be considered insiders. Especially since January is the end of the second quarter. Although, there may be employees who are not restricted who may be selling, but one would assume that they would not have the funds to drive the market this low.
It could be fund managers doing some repositioning, although you wouldn't think so. You will likely see buying after hours as the stock repurchase program kicks in.
As for the debt, proportionatly it is not that high. Especially when you consider the cash flow being generated from sales.
Just odd that today JPM, USB, BAC, WM and C were down on the continuing (bad) news for financials, but MTN got hit harder on no news? Yep, could be pruning by the funds. Maybe the stock just got WAY ahead of itself. As for the debt, MTN has carried this much debt on the balance sheet for some time. But revenues look flat so earnings will only grow with cost reduction. I wonder what the CEO will use to buy new properties? There isn't THAT much cash on the balance sheet.