Ann: Ceasing to be a substantial holder, page-62

It's not even that Lucerne decided to sell.

"The Fund recently appointed an independent Investment Manager."

From what I know, the Lucerne fund blew up and was being shut down. I'm not sure if the whole portfolio was being liquidated, or if they were just clearing out a lot of legacy positions, but you could consider it similar to when a company appoints an administrator and the assets get sold off.

This sell down didn't appear to have anything to do with the management or board lacking confidence or cashing in their chips.