When a company talks about new high end of town money, but the...

When a company talks about new high end of town money, but the top two have sold down their position, and they have still not been able to with the current funds state for certain that the DFS will be completed with such funds, to me it sounds like -

a) future raise perhaps?
b) feeding their lifestyle?
c) top 2 were already prompted early about the raise and sold into market and then re-entered perhaps? (albeit this is volume dependent) - but one must ask the question why the company did not produce a top 20 report to parties asking over the prior fortnight/month?
d) No new overseas large investment group, particularly out of Europe

I don't want to say anymore publicly as I could shoot myself in the foot BUT this seriously stinks!

NL.