No market makers are involved. I use Scottrade which doesn't allow me to buy and sell greys online. I have to call in an order and they can call their back office to get a bid and ask. No screwing around by MM's. If the float is locked, longs can just hold their prices high until shorts dicker around to find a matched trade. If the company announces a buyout while on the greys and there are less shares available then there are to cover, we be good for launch, imo.