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Opt, lets just have a look at what you're saying here. Firstly, here's the last top 20 available (to ordinary people anyway):-

As at 30th Sept 07
1 HSBC CUSTODY NOMINEES (AUSTRALIA) LTD- A/C 2 108,681,441 11.91%
2 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 107,670,076 11.8%
3 ANZ NOMINEES LIMITED 84,132,374 9.22%
4 CITICORP NOMINEES PTY LTD 60,526,760 6.63%
5 JP MORGAN NOMINEES AUSTRALIA LIMITED 48,464,405 5.31%
6 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 3 44,020,466 4.82%
7 NEFCO NOMINEES PTY LTD 42,040,879 4.61%
8 YANDAL INVESTMENTS PTY LTD 40,000,000 4.38%
9 NATIONAL NOMINEES LTD 25,299,483 2.77%
10 MS LAURA WHITBY 21,527,500 2.36%
11 MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED 18,321,633 2.01%
12 FETA NOMINEES PTY LIMITED 10,000,000 1.1%
13 HELEN GRANT MCFARLANE MARTIN 8,750,000 0.96%
14 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - GSI ECSA 7,683,436 0.84%
15 DONWILLOW PTY LTD 5,025,000 0.55%
16 BREMERTON PTY LTD 4,800,000 0.53%
17 MR ALBAN HORST HASSLINGER 4,000,000 0.44%
18 GINGA PTY LTD 4,000,000 0.44%
19 TWYNAM AGRICULTURAL GROUP PTY LTD 3,400,000 0.37%
20 CENTAUR OIL SERVICES PTY LTD 3,130,084 0.34%

According to these figures, instos hold 55.31% of NDO, not including Nefco nominees (4.61%).
I agree that they all have governing rules re certain situations, but those rules may differ from one to the other.
If some of the top insto nominees here are involved in a sell-off, we are definitely going to see a decrease in the sp, and far more than we imagine (depending on their timeframe of course)!!

You say that..."Merrill Lynch, America's second largetst bank and holder of convertable notes representing 141 million shares had a US$ 20 billion writedown last week. Another substantial shareholder, JP Morgon, took a US$ 2 billion writedown. They may be forced to liquidate some shares, however good, to cover their losses."

As far as I'm aware, Merill Lynch's note has not yet been converted, so they can't be selling...correct me if I'm wrong here. But I suppose Merill Lynch Aust. Nominees could be selling...they have 2.01% (18.32m).

JP Morgan on the other hand may be. As at 8th June 07, JPM had 2.79% (24.037m), and at Sept 07 had 5.31% (48.464m), almost doubled...moved from 8th to 5th spot in 3 mths.
If it has been them in the last two days, and they're going to fully liqidate, the mkt's only got another 33.464m of theirs to absorb!

The 2 days of sell-off following the day of mkt rot only moved about 14 to 15m shares, roughly the same amount moved only a couple of weeks ago between 31c and 31.5c on a single day.

15m shares represents 1.62% of undiluted (that may be traded) issue, a pittance of what is held institutionally.
In this regard, I'm not sure what you're getting at when you say...
"More shares for the patient and those that can afford to hang on which based on the numbers represents 98.2% of us."

Does that assume that the selling is finished? I'd be very surprised if that's the case!

"On a P/E (<3) basis Nido is extreamly undervalued."

NDO currently trades on a P/E ratio of -(minus)9.91, a EPS of -0.02 and a Earnings Yield of -10.1...therefore, the current sp represents only the potential of this Co. NDO need an income from Galoc for the mkt to value them correctly (if that's possible).

According to Salty's connections, Galoc's a 'goer', so if the current selling is fire sale liqidation, there are going to be some extremely happy buyers around, particularly those that jag the bottom!!