Though I'm largely ignorant regarding such things, I believe that you've got it right. The 5% is the reporting threshold - stay under it (as per the agreement) and no reporting is required.

And as for our desire for S&L to hurry up and get the conversions done, isn't that exactly what we suspect they are doing? At, as you say, a measured pace? And isn't this what we suspect is causing our PPS action of late (past several months)?

So if they are converting their warrants to shares ASAP while within reason (so the PPS doesn't out-n-out plumet), isn't this exactly what we longs want them to do? Isn't it the only way to get to where we want to be, as soon as practicable?

So, though I really hate the PPS erosion, can it not be seen as a use of leaches to cause some bleeding to get rid of what really ails us? That's how I'm seeing it....

But I KNOW nuttin'!

SGE