submits another 700 shares at 55 cents increasing the total to 162,500 .

- maybe they just wanted an even board lot.

many influential shareholders must be fairly frustrated and this can be their way of insuring that the sellers don't get more than 55 cents.

I don't really understand that logic, or the question - not sure which. Why would influential shareholders want to limit the price at 55 cents?

Wouldn't the opposite be in the inflential shareholders' better interests - pull all of the bids on the ask, so that there is only a minimal amount for sale at this price, and if someone wants to buy a decent amount of shares, then they will have to pay a higher price?