I am not sure of the date, but pinetree would need cash on hand to exercise their next set of warrants. They maybe thinking ahead, so they are not forced to sell as the expiry date nears.

They may also be looking for more early redemptions of the bond holders and are selling slowly, so they don't have to dump alot of shares as the time nears.

I would think that the current management team at pinetree are a little more conservative than Sheldon and would be more concerned with debt holders and defaulting of the company.

They will still make a good return for shareholders with the amount of shares that they have, when(not if imo)poet has its coming out.

These would be my concerns for them selling poet shares.