So, you're saying that even if the price of the warrants were stated at $9.50, I'd have trouble selling them for that price and may have to settle for a lot less, like $9.30? If that's the case, then I'd look to keep them and then ultimately exercise, once most all the time value was wrung out of them. Right now, there is no stated bid and ask, which really makes it a crap shoot - do you have any opinion on whether, if the price goes up, these babies might be traded on a bid/ask basis, or at least a bid/ask basis more similar to what we're used to with options?

I know some very liquid options, if you split the bid/ask, you'll generally get filled, but certainly not the case with all - the machines squeeze every nickel they can out of you!

Finally, and this was discussed a couple days before you joined, without any resolution: do you have an opinion of what happens to the January 2015 $5 call options, compared to the Feb 2016 warrants, if, in, say, March 2014, the company is sold for $5 per share?

Thanks, Joe.

Baba