You make some valid points and like the vast majority of Venture plays LMR is indeed spinning its tires right now on little volume. The reality is since most retails got wiped out in 2008-2010 very little fresh cash is flowing into pennies. Most hedge funds also closed up shop in 2008-2010 so its no shock the overall volume on the Venture is bone dry except for very brief periods like last Winter. The TSX/DOW markets are at 5 year highs but the Venture is lagging way behind with little indication it will change anytime soon.
I think your logic is flawed however because you always point a direct accusatory finger at LMR and Gill when the lethargy is across the Venture board and not company specific. All things considered Gill has done a good job when you factor in the overall systemic market decay of the Venture. Moreover, as you alluded to a select few savy investors scooped up .035 LMR shares last month and sold for a tidy profit recently at .08. Such is the way to small profits on the Venture.
As for Pinetree and Sheldon maybe since PNP is under $1 and down bigtime from its $2 heyday, who knows maybe he feels cash is king and that is why he sold so many of his Venture holdings ?
All that said LMR is still one of the more solid graphite plays anywhere on the Venture and if money ever flows back into pennies you can be sure Lomiko will spike back up no doubt.