Well, I guess this was predictable as PTY went ex-dividend today. So, I am guessing that Billy was able to get his PTY dividend (payable in May) from owning shares as of close yesterday. I do think he is doing long term PTY investors a favor by unloading shares at bargain basement prices. But, it is a bit unnerving to go through this.
If you look at the top holdings they do not consist of oil shale companies, casinos or other shaky investments but Ford Motor, Barclays Bank, Port Authority, City of Stockton and Chicago Bonds. My feeling is that the dividend is safe and today's volume was 3-4x average volume. So, are we looking at a gift price?
I think this is more insider (or gross and company) selling. Small float here, so any significant selling really impacts share price. I think this is a great entry point for PTY. I bought more yesterday at 16.09. There have been a couple of good articles on this.