One way to think of our low volume decline is to look at monthly volume and the institutional buying and selling.

70M shares from the bought deal June 30 our volume doesn't dictate they have been selling. June 7,8 & 9 approx 83M shares traded on both exchanges. Combine those 2 figures with the bought deal you have 150M shares. In the US the July monthly volume was 11M.

We know Pyramis picked up 13.59M shares, Greywolf went from 12M to 21.69M shares, West Face 19M shares. Pyramis filed a 13F-NT and hasn't reported their 2nd qtr yet so not sure when they bought their shares (during 2nd qtr or after).

The only sells I have found is that is looks like Tradewinds sometime in the 2nd qtr (probably June 7 spike) sold around 700k along with Steelhead around 700k.

There has been some very large positions reported and bought during this period however as of now and according to 2nd qtr reports no large sales comparitively.

Both West Face and Greywolf are over the 5% ownership mark and have reported that in 13G's. IF either of them sell and go back below that mark it has to be reported in about 10 day time frame from the sale. That hasn't happened.