Ann: Change in substantial holding, page-25

Agree, that is possible. But whether it is geting larger position to break walls or not, is depending their holding and liquidity of the stock. Bal have limited free float and low stock turnover daily, 6m shares need at least 10 days to digest. With "ceasing to be substantial holders" if they are selling it will push the price to $3. So really no need to borrow and pay interest if they want to break some walls.
It is highly likely they are going to manipulate the price and buy more shares.