Share holders had huge profits so its harvesting before Jackos new tax rates my guess
Nothing is fishy. Makes sense. Increases liquidity in stock trading while also being advantageous for tax purposes. You can't do a buyback with the current number of outstanding shares. The stock already has low volume b/c the shareholder company owned 51 percent of shares and was sitting on them. This was a way to add liquidity to the stock without diluting shares. It will be back up to 10 by end of January.
I currently do not own any shares. But plan on buying tomorrow. I actually think this was a great move by Harbinger. The trading volume is so low b/c of the 51 percent of shares held. I suppose they could have issued more shares, thus increasing the number of outstanding shares. But obviously this would dilute shares and still hurt price. The method they used should increase the daily trading volume while not diluting the shares. This is NOT an instance of insiders unwinding their entire position in a company. This was strategic and will ultimately prove to be a great move.