First, in my very strong opinion, holding is not trading or a form of trading.  Suggesting that holding is a form of trading would be equivalent to suggesting that having no position in the stock is a form of trading, IMO.  Nonsensical.

As for the warm feeling I'd have if S&L were now under 5M, the bigger signal IMO would be the coming end of related manipulation (or whatever you want to call it), and an end to S&L originated resistance to good news.  How would you feel if 10 April came around, we see revenues of some outrageous number, but the PPS doesn't move because S&L is dumping 15M shares?  That's not a pleasant thought.  But 5M could be absorbed in the first half hour of trading, IMO, and then we'd be off to the races.

And finally, a correction to your statement that I think you'll appreciate:

"Of course my speculation is based on the suppositions that he knows of the settlement (which I feel is reasonable) and there's no agreement in place for him to divest himself of all shares (or a specific number) by a certain date."

Gotta be careful using the word "fact", and that's a fact!

JMHOs,

SGE