Sarver just dumped 45,000 shares. That's makes 4 execs/board members initiating sales in last 30 days. They know the company has lost a lot of money the past 2 years, that business is crappy for corporate housing tract developers, and will remain some degree of crappy for the foreseeable future, it's just not a great business to be in anymore. They also know a lot of what they are calling "cash" is encumbered and non- GAAP. They also know the company is planning to try to sell stock here. If they can get 12-14 bucks a share in a toppy market, they have to grab it to raise real cash. Look at Sarver's "bank". Stock is trading at 9 bucks a share one day and 6 the next after announcing a dilutive stock sale. Of course, Sarver sold a substantial amount of his personal holdings prior to the public sale. Why would anyone pay 20 bucks a share for a company that lost money last year, lost money this year, and loses money next year. They can stick around and beat the dead housing bubble, but it just doesn't make any sense to invest in the stock over 4-5 bucks a share, and even that could be considered excessive in a rational market. Of course, who wants to be rational.