Thank you for the response!  This is driving me nuts... 

My only theory left is that Patriot could be buying these warrants back... 

I too have wondered this, not knowing if it is an accepted alternative way to directly redeem the warrants..

My next thoughts are.. is there a way [S&L's] warrants can be distributed/sold/exchanged with/to other third parties (without filings).. who then convert & sell... and if so (I have no idea) why would they proceed in this fashion... ??

Anyway, warrants are being converted one way or another.. it appears to be at the forefront of someones agenda... 

The warrants IMO actually served an important secondary purpose...  I believe it would have proved very difficult for a company to attempt a hostile take over.. with S&L's warrants & shares, combined with those unobtainable authorized yet unissued PTSC shares... No longer important with the Master Agreement in place..??..  Also, obviously, with no warrants mucking things up PTSC's half of the MMP would then be much more easily marketable .. not in anyway suggesting this will be the course.. just thinking..

thanks & regards