"...A few times the companies decided to accelerate the conversion. The latest one to do so was North American Palladium (PDL.TO). I owned the A Warrants which were coming due September 2011 and the new expiry date was set on January 14 of this year. This was announced on 8 December 2010..."

I googled and found this in a 2009 news release:

"...North American Palladium Ltd.... ...Each whole warrant shall entitle the holder to acquire an additional common share at a price of C$4.25 during the period ending 24 months following the closing of the Offering. In the event that the 20-day volume weighted price of the common shares on the Toronto Stock Exchange is greater than C$5.75 per share, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date on which such notice is given by the Company."

I assume these are the warrants you had. The early expiration "feature" was built into the warrants from the start. You should have been aware of it when you bought them.

"I'm not saying that ECU will call the warrant before 2014 but it's an option open to them."

No, not the ECU warrants. I read the prospectus before I bought them. There is no early expiry clause. I avoid warrants with early expiry. Takes all the fun out of them when they eventually end up in the money.