>Is it possible MAB & crew do not have even as many as 32% themselves?

From April 2009 Annual Information Form

Falcon understands that all of Falcon’s current directors and executive officers as a group beneficially own, control or direct, directly or indirectly, over 13,000,000
Common Shares representing, as at April 29, 2009, approximately 2.2% of Falcon’s issued and outstanding Common Shares.