The sale of additional shares by the company over the years has generally been through ... oh, heck, I forget the name ... but it was to sustain minimal operations. Remember, most of these guys are paid in stock, not cash.
CCC didn't see anything that caused them to bail. They were too concentrated in MENA and got squeezed big time when oil $ dropped. They were obligated to put $ in last summer (or the year before, again, memory failing!), but didn't have it. They actually played us hoping for a turnaround. That's a far cry from bailing.
Also, there are many other investors besides those of us on the board. I know some have bought and sold taking advantage of the wide swings. So I don't think it's accurate to say management has been selling. Besides, I THINK there are SEC restrictions on what they can do without a public filing/notice (insider trading rules).
As of my last discussion with Charlie, they stand by their last filing which indicates they expect this to happen in July.