It's not illogical at all. He bought in years ago and has now lost faith. He's long because the stock is illiquid and it's very difficult to sell when there are very few buyers. I imagine he's lost so much $ at this point (on paper) that he might as well stick it out, even though he's certain it won't happen. He doesn't want to realize his paper losses.

Gibby, did I get this essentially correct?