This is interesting (emphasis in original):

On  May 23 , 2012 a trade of $1,000,000 (face  value) took place at a price of  $121.75, representing a huge profit to the insider who sold. Not only was he collecting $77,500 a year in interest on his $1 million invested in just 18 months he had made an additional $210,000 in the market repricing  the suspicious initial  pricing of the insured bonds .  The investor made approximately 25% annualized. Nice trade right?  Or was this actually  an insider getting out because he got more inside info.? On  May 24 , 2012   38 Studios announced it was laying off all its employees.

To be fair, starting with a John DePetro tweet (about a week earlier, as I recall), the smoke was already visible to folks paying attention.  Whether the rumors would have been enough to unload $1 million of profitable investments, though, is, as the post goes on to suggest, a matter into which the Securities and Exchange Commission (SEC) should take a look.