I too can believe that if there is accumulation going on beyond retail, the most logical accumulators would be recent past and prospective future licensees. They could easily recoup the license costs, and probably even profit (while staying under 5%). And it is what it is re: warrant conversion and the opportunity it presents these entities.

And I find it difficult to believe it is TPL/S&L. Simply put, if this were the case, why would S&L sell ANY shares? Warrants are as good as shares (unless they're about to expire), for dividends and voting rights (I believe). Reduce your position while accumulating? And accumulating to gain (voting) control? Makes zero sense to me..... TPL, Idunno.....

'Cuz I KNOW nuttin'!

SGE