Koo, you said:

Led I disagree a bit from what you say. Liguidity can easily be fixed if buyers bit up the SP if they really want the shares. This is not taking place because of the BOM uncertainty that it may not bear fruit. Smart money will hang on until the futility analysis turns positive and liguidity begins for the highest bidders. RVX failed the first round in 2013 and the smart money has not forgotten that. They are waiting this out this time around. IMO

The question I would put to you is this?  How does increased buying increase liquidity?  Let's say the PPS is $2.00 and signficant buying moves in, pushing the price to $2.10, then $2.20....$2.30, $2.40, then to $2.50 in a few trading sessions.  But what if there isn't sufficient selling to satisfy the buy side demand?  

What if rather than encouraging holders to trade their shares for cash, what if a significant move tightens people's grips.  If a move happens in the absence of news some might say:  "Must be some good news coming".  Then perhaps momentum players move in, others see a 25% move and stumble on this board and read about the possibility of a financing deal, about the upcoming FA, about the possibility of a buyout by BP.  Some decide to establish a position.

So demand goes up in this scenario, but those 50 million odd shares in the public float....that's not increasing.  And MMs have to quote a price they're willing to sell at even if they don't have shares available, and the quantity.   

So what to do?  I would suggest, and this is my opinion....that what they would do is the same thing they've done in the past.  Satisfy the buy side demand by going short as needed, and when the buying peters out walk it down.