I don't believe SDL's share price action over the last few months is reflective of behind the scenes inaction or specific to SDL at all. Virtually the whole small cap resource section of the market has traded similarly to SDL and has generally come a fair way of highs after a strong second half to 2010.
ie SDL's recent shareprice action is indicative of the whole sector, rather than being related to institutional tactics or delays with finding a funding partner.
SDL Price at posting:
39.0¢ Sentiment: LT Buy Disclosure: Held