In this age of automation, etc., could it be that, when S&L sell shares they are immediately (as in during the same nano-second) back-filled with converted warrants?  If this were arranged, which I believe is possible, there would be no apparent change in S&L share ownership, and thus no reporting requirement. We're in the 21st century; it's not like there is paper floating around to make such transactions take place.

And this, IMO, would explain away all the "concern" over this.

But I KNOW nuttin'!

SGE