One of us is missing the point here (and it just might be me!).  My thoughts:

- They don't have to file anything unless they go over 5%.

- They are selling shares on the open market in a controlled fashion as evidenced by the trading pattern over the past months.

- Those sales enable conversion of more warrants into shares while staying below the 5% cap.

- This, plus the exercise of options by whomever, is what is causing the OS to rise.

- It's all good, as the outstanding warrants are a stain on this stock, and as they are reduced/eliminated, the company's stead, and that of its retail shareholders improves (and the ability to negotiate for a JV, acquisition via stock, and/or financing terms improves for the company).

Please point out the errors in my reasoning!

'Cuz I KNOW nuttin'!

SGE