Say I hold at note from a year or more in the past. The company hasn't paid it off and I haven't agreed to any dividend. I'm able to covert my interest payments into shares which I get at a discount. If the company announced a dividend excluding all note holders and insider's, but I haven't agreed, how can I be forced to add a dividend, or be denied the ability to sell my shares. Someone is unloading because they benefit from the sale, as I belive the MM's will simply cut the share price in half. Without regard to the retirement. I'd be holding shares that will loose half their value in 30 days, it's a good incentive to sell now. Again I am not very versed in the market but its the only explanation I can come up with.