I'm guessing T2 Partners (Whitney Tilson and Glenn Tongue's outfit) is accumulating shares. This is pure conjecture, but they've owned PRXI in the past and are close with Sellers. There are plenty of other funds/shops that Sellers is cozy with who might support him in a proxy contest.
This should also improve the chances of the monkeys getting tossed.
Why is anyone counting on sellers to rescue this company from bankruptcy? Sellers is a failed money manager, not an accomplished turnaround guy. And this is an awful economy for this company to generate revenues. Be careful-this could be a total loser