It's more likely they acquired the warrants in the issue and traded out the stock acquired but have kept the warrants for cover for their games as a hedge. This ends when it's in their interest to go real long the stock as silver and gold move higher over an extended period of time. I have no doubt there are multiple hedge funds playing games with numerous high liquid precious metals stories and ECU is part of the group. This is both good and bad and could prove particularly good when there becomes this concerted move over $1000 gold and silver above $16.50.