While I can agree that some of the company's moves re: warrants handling over the past year is a bit puzzling (including the issuance of divys while the warrants were still hanging), I suggest you continue your DD, as I'm convinced all the info is in the accounting - but perhaps not synopsized as you desire.

The bottom line is that the warrants are being converted and, as of a couple/few of months ago, S&L were down to only some 18M outstanding.  Quite an improvement considering that S&L have been de-incentivized based on the company's stated intent to continue issuing divys, as S&L's warrants are qualified. (though I suspect that this particular company policy will change via our new CEO).

Considering our current situation, and the likelihood that the whole warrant issue will probably evaporate very soon (IMO), I can excuse. It'll soon (again, IMO) be just water under the bridge.

IMO, it's kind of a strange point in time/circumstance to get all worked up about it.

All JMHO,

SGE