the price can't be allowed to run too far because more PPs will be issued so that NED and crew can increase their percentage ownership of the company (assuming that the PP will once again be bought out before it is available to the small investor).

This, IMHO, hits the nail on the head, and it is definitely not to the advantage of the retail shareholder. That said, there has been a lot of opportunity recently to pick up shares at firesale prices.