Called E-Trade today (where my ARU shares are held in several different accounts) and asked what info they have re the ARU/K situation. Here's what I was told.

a. The transfer of outstanding ARU shares to K shares and warrants will proceed and could take up to 2 weeks to completed.

b. Currently held ARU shares could be traded via E trade immediately (they have the appropriate info re the .317 ARU to K share, etc) just by instructing E trade via phone. The normal settlement process (ie 3 days etc) would apply.

I didn't specifically ask about the warrants but they did have the info (.1429 ARU share to 1 K.WT.C) so I would think the same would apply to them.

So If you were concerned about the liquidity issue around your ARU shares, there doesn't seem to be a problem - at least if you hold them with E Trade.

I'm sure this would apply to other brokerages but if you are concerned about this issue I'd call them and get the specifics.