JC - I agree with that I don't think the PPS is being manipulated as we tend to think of manipulation. But that does not rule out artificial trading which is designed to make it look like there is interest when there isn't. Below are two functions of Specialists that I believe have been at play.

• Specialists serve as dealers when there is insufficient public interest to accommodate buyers or sellers at prices close to the last trade. In these instances, specialists buy or sell from their own account to improve price continuity and liquidity. They also participate as dealers on all odd-lot orders.
• Specialists are obligated to maintain a fair quotation spread and to stabilize prices for their securities, as well as seek price improvement on all orders entrusted to them.

In this way the specialist can "manufacture" trades when there is no interest which is the bulk of the 100 to 400 share transactions in my opinion. I think the every day close at .25 with 400 shares is within their role of stabilizing price.

Now look at this other specialist role

• Specialists act as agents or brokers' brokers, holding limit orders entrusted to them by brokers on behalf of customers. These away-from-the-market orders constitute the "book" and specialists are responsible for seeing that they are executed when the market reaches the specified limit price.

Because they also have access to "the book" they can use their service as "dealers" to move the price toward one of these limit orders. They may see this as fair proper in the cases of little other interest.

We tend to think of manipulation as intentionally holding back or up a market and preventing regular traders from gaining. It is possible but I think what we have been seeing in the AMEX side is a specialist working to maintain liquidity in the absence of any public interest while moving the market smoothly to hook up those few buyers and sellers that are out there. When there has been interest they have been working to stabilize and keep it from spiking up or down.

All of this is IMHO only but I think it matches up with the action we see. Regardless I also think that this has HELPED us because otherwise we would likely drop much further down and panic would set in. By keeping the market stabilzed when there is really no interest in buying they help reduce the need to panic.

I doubt there is anyone with any knowledge and most realize there will be no KRY mine so it is all about a settlement gamble vs bankruptcy. Our situation is such that groups may very well give in and sell all since we know that cash will run out shortly and there has been no official statements to the contrary. As this happens it is in our best interests to have specialists stabilizing the price.