Connect the Dots ..., page-6

Elders FMC is an entity associated with Pirate associate Sam Elderfield (current JBL CFO, former Director of Capital and M&A, cheerleader in past news articles). He was the sole Director of Elders FMC at the time. He signs the danged subholder notices. So the company gave a bunch of shares for free to their buddy who went on to sell most of them on market.

I am not looking very hard but I cannot find mention of any debts being paid back yet...