"Maybe the lack of progress on their projects is one of the...

"Maybe the lack of progress on their projects is one of the reasons why the top twenty shareholders has changed to the extent it has in the past two years,..."

I would be reluctant to say that the top 20 has changed significantly.

Of the Top 20 from 2 years ago only the top 9 would have enough stock to be in top 20 today.

Ted Elyard has upped 50%
Ken Russell has also increased holdings.

Nominees are hard to ping, people changing financial structures impacts on this as does changing brokers..

All that said, we have been thru tough times in the whole market and not many would have the same top 20 for 2 years.