Ann: Manora Update - US$27 Million Default of Northern Gulf, page-65

ML173

All margin lenders will be reviewing their LVRs as at 31/3 so I agree with suhm

I am puzzled by your comment  "It looks like a major holder(s) are selling and testing market liquidity"

Of course you could be correct with your assumption but why couldn't it be a whole lot of margin borrowers feeling threatened with a margin call rather than a "major holder"?  
Cheers