Ann: Change in substantial holding from PDL, page-23

all 9 announcements, is UBS borrowing and returning stock, either for themselves to short or for others to short.

The second party is PDL who has been a buyer on 22/6 5.73% to 6.79%, then on 6/7 6.79% to 7.99%.

PDL is the old BT and have funds of $100bil. My guess is UBS the market maker, therefore on the side they are taking positions both long and short, and then flip them around for a profit, or a loss. Essentially they providing the liquidity, for PDL to take their position.

The 1.8mil seller (the clown) at 2.80 is stacking the sell volume 10 to 1. All legal when they do it, but if i were to do it, then that would be another matter.