Joe, this is a great discussion, and very timely. Please bear w/ me as I try to reconcile our 2 divergent views.

Using your logic above, the $5 call option doesn't look any better. Using your words and format:

Current call price = 1.10

Strike price = 5

Break even = 6.10

Share upon execution = 1

Cost for a single share = 6.10

Why would I pay that when I could go buy a SINGLE share for $3.48 currently AND to add to that the single share I buy in the open market has absolutely no expirey.

In next post I will try to show spreadsheet I use to compare optins and warrants.