The argument about warrants to cover shorts doesn't really fly with me either. The warrants are very low volume...averaging 85K per day according to my RBC or about $25K. It is also hard to pick them up without moving the price up because of the low volume. ECU is averaging close to a million shares thes days...over a half million dollars. There were only 25 million warrants issued if memory serves, versus the 285 million ECU shares. It may contribute in a small way but IMO it isn't a huge factor in the SP of ECU.