That's an optimistic way of looking at. My view is that it takes...

That's an optimistic way of looking at. My view is that it takes a lot more conviction to sell at these levels than buy. Anyone selling those 20m shares has either held for 3+ years, and has had enough, or they are selling at a loss (again after having had enough). Either way, it seems that it would be a much more difficult choice right now to part with a significant loss or a long term holding, than it would to go bargain hunting and purchase AGY shares at 3 year lows.

There's every chance that those buying at these levels are taking a quick punt and may happily turn into high-volume sellers around the 12 cent mark. I wouldn't read too much into it.