In the 10-K (for the end of Feb) there were aprox 29 million warrants left. In the April PR there were aprox 18 million warrants left (11 million converted in a two month span). Do I think S&L is selling them? Yes. I believe it's to remain at the 9.99% threshold even as the outstanding rises. They also had an anti-dilution agreement years ago (in the 10-K). And I don't believe S&L is selling at a loss. I believe they've more than made up for their original investment. In light of that, I believe S&L is doing what is in their best interests stopping short of killing the cow.