Nobody believes Baltia will give up. NOBODY. Igor's passing will be more of a motivating factor than anything else. Russell Thal will fill his shoes for the time being until they find a new CEO with (hopefully) deep pockets, connections and an iron fist to get this thing going.
This is a big moment for the company. I hope they choose not to pursue the status quo and will opt for finding a powerful CEO that can make Igor's lifelong work a reality.
As I saw it, there was no big sell off today. It was typical trading, and the "large volume" was only worth ~$40K.