I'm going to say that this type of trading activity is (too me) very suspiciuos!!! While these markets are tough to understand, it doesn't take a geneous to realize that such irregular activity (ie the big block trade) on no news is clearly because either: a) information has leaked so sombody is either "dumping" or "accumulating", b) somebody is trying to accumulate as many shares of HAT so as to maximize their gains in ownership of MAX shares on April 6 (remember you get 1 share of MAX for every 10 shares of HAT you own on April 3 for the market open on April 6), c) the now lower bids are an attempt to trigger stop losses, and finally d) the SP is being manipulated (in this case downward). These are my opinions, as it makes no sense as to why when the TSX index was lower (a month ago)....HAT SP was higher than it is now....and the last NR was actually quite positive. A.