I think he is simply saying that during the “rigorous review...

I think he is simply saying that during the “rigorous review process”, which took over 6 months iirc. The chairman undoubtedly had some visibility of the MAJOR revisions to costs, production and timing that were to become the “new plan”…. Hence, he likely had inside knowledge of very significant “bad” news that was going to be released to the market.
Dumping circa $4M of stock a fair way through that “rigorous review”, likely being well aware of what the general outcomes were to be, and likely knowing what effect this would have on the sp, one might argue that he was exploiting his inside knowledge to avoid significant destruction of wealth….

Thoughts?