Ann: Resignation of Managing Director, page-35

I reckon he bought the shares as an attempt to stem the sp fall then as it kept falling stood back and thought I could get the other 87% on the cheap thanks to the market.

Maybe I should be prepared to see the bad in Frank but I'm looking at this thinking this is a great play. The allegations in the Glaucus may hold some water but then Frank would stand to lose a lot more than me. Yes some people can be stupid and gamble big but I'm not seeing that here. The Market created a situation that somebody could benefit from and Frank stepped up.

An interesting discussion here would be who can vote on the 15% shorted shares. The holders prepared to lend the stock may be in a pickle too if they did not want the TO to happen.
Although the company will most likely come out of trading halt before a vote is needed.