Pokey, they say that their interests are aligned with all public shareholders' interest...implying they still own some or all their shares.They also imply that there were not "puking shares" onto the market. And "Veneto views these statements as distracting Generex's management from the important business of building Generex's value for all shareholders." Implying they still own shares. So Joe may just be assuming they sold all their 8.4M shares and CMF sold all their 4M shares.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.