just guessing here but IG could be facing liquidity issues due...

just guessing here but IG could be facing liquidity issues due to other investments and if left with no choice then anything's possible.

agree, he would be in lockdown now as ALK is due to release SS report any day now but if he is in financial trouble the vultures will start to circle by shorting ALK and ASM in order to negotiate better price when he is allowed to sell. Shorts still showing low for ALK but going up.

Agree he is in world of pain with ASM now as he participated in all CRs (from memory) and all of those CRs were at much higher prices than where ASM is trading now.
He would have been better off if ASM did CR when SP was around $13 and he did not participate. Yes, he would have been slightly diluted, but ASM could have raised around $300m by issuing very few shares (at ~ $10) and SP would have been much higher now as ASM would have had healthy cash reserves.

And if ASM did not have to do more CRs, IG would not have been selling his ALK shares at discounts that pressed ALK's SP lower.