Chrisp, some of your logic confuses me.  I agree that having that type of detailed conversation with an insider could be insider information. (This type of a conversation dance, trying not to cross the line, happens).  The market recognizes this, thus the requirement to treat someone like Dundee who owns 10% of Woulfe as an insider.  In effect, Dundee is an insider.  It can be interesting watching how many large investors like to hold just under the 10% amount just to avoid those insider reporting requirements.  

You stated, "Investors, whether they be institutional or individual, sell because they think the price is not going up". Of course that is true, but it misses the point, namely, a lot less weight should be given to what a retail seller thinks than what an insider seller like Dundee thinks.  The whole point of this logic is that even though the s/p has dropped a bit (on low volume retail sales), the big boys are not selling, which leads to an inference that in spite of the delays, the financing will eventually come through.  Chrisp, you and I likely have one thing in common--we own Woulfe shares.  You are correct that we would not continue doing so if we thought the s/p was not going to go up.  I have not sold any and to the contrary I keep adding.  One should keep that bias in mind when reading my posts.  I am ok with minor dips in price because it just creates long term opportunity to add to my position.