Completely speculation, bordering on conspiracy theory, but I wonder if this could be a means of laundering money and taking a tax write-off.  I know that's a pretty far-flung idea, but I feel like a guy like him isn't in the business of losing money.  And unless he's complicit in these shenanigans, I'm surprised Elmer is still around, given his (and the stock's) performance.  It just doesn't add up to me.