According to that list, insiders have over 11 million shares and 11 million options. That's out of 89 million shares issued and outstanding. So insiders control about 25% of the shares. Add in family members and friends, and the total may well be twice that. Throw in tightly held shares (such as those in the grubby hands of KXL schlongs) and institutional shares, and you can see why KXL will never be taken over unless the price is right. And at least in my case, "right" is enough that I can sell, buy treasuries, and not have to worry about trying to outsmart the market ever again. Not that that is what I would do, of course.