Why couldn't there be a simple answer. I know the

Why couldn't there be a simple answer. I know the below is not exactly correct in the process but speculating is fun. Poke fun if you want. Joe will say I'm stupid.
What if someone had a million or a couple million shares after the extremely gracious 20:1 dividend. (Thanks again for showing us the love Joe). Maybe they bought some shares public way back when they were a bargain at a dime or so, maybe they loaned money to GNBT way back when and got paid back in shares. Maybe they are not eligible for the 1:1 dividend and therefore have no interest in anything but making a very nice return on their investment. No way to unload that number of shares on the open market without killing the PPS. So you call your broker and say I have 2M shares and my cost basis is 75 cents. I want to sell but don't want to harm the company. Stock is trading around $2.75 or so. The broker gets with his MM buddy and explains. The MM calls his other MM buddy and says whatever. BTW, this new MM sees the companies future is bright and is about to up list to the NAZ. perhaps he wants to make a market post up list and needs shares. They decide $2.00 is the pps for the investors shares. They short and buy and short and buy....until eventually the investors shares are sold and the new MM has the shares he needs to make a market. of course this takes a while because us ignorant retail buyers get in the way and buy too. The float is small and we retailers are buying not selling because we are waiting for big$$$$$. All the shares they have to work with are the original investors. Eventually the order gets filled(before the ASM etc) and real market forces(LOL) then determine the PPS.