Could easily have been Sud taking a breather. Let the price increase before continuing to dump. There are many possibilities that don't involve collusion with the BOD or conspiracy theories.
Let me ask you this. Why would any member of IHL be actively supporting a sell down? This has been proposed / implied a number of times on these threads (not necessarily by you). What on earth would JL have to gain by seeing his own holding decimated in the process?
IHL Price at posting:
6.6¢ Sentiment: Buy Disclosure: Held