Why place bids at .01? If the stock is at .0109, I'd bid sit there, not lower. It'll make this guy's life far more difficult if the bid is raised as he's dumping, thus forcing him to liquidate his shares faster (IF this is what's truly happening, which I am still unsure about...). I don't believe there's anything special about .01, other than a baseless psychological conviction that .01 is this "turning point", when in fact the technicals show .0109 is the price pivot point.

Either way, it's far more effective to bid HIGHER than .01 if the goal is to keep this guy from getting sub penny shares.