Lets see how bad I can screw it up, Ron:

Straight share purchase:

$10,000/2.60 = 3,846 shares purchased

Sells for $15 per share:

3,846*15=57,690 gross minus initial of $10,000 = gain of $47,690

Purchase of Warrants:

$10,000 purchases 20,000 warrants, which is equivalent to 12,000 shares

Value of shares at conversion is $15/share, or $180,000; will need to come up with $28,800 to convert (12,000 *2.40/share)

Profit is $180,000 less $28,800 (share price in warrant) less $10,0000 (initial investment)= $141,200 profit.

According to this warrant opportunity exceeds long share holding by $93,510. Where am I missing it (I hope not since I own a significant amount of warrants ;))