While I doubt I'm smarter than you (I KNOW nuttin'!), I can only think that they haven't done as you suggest (i.e., just dump the shares necessary to enable all the warrants to be converted) for three reasons: 1) to get a respectable amount of money out of the shares sold, 2) to avoid a mass exodus by all shareholders (i.e., giving Longs too big a kick in the teeth), and 3) to avoid creating a situation where, once the "warrant shares" are sold, no one would dare buy.

Just listen to the screaming and acknowledge the shared agnst of all Longs based on what's happened to the PPS over the past year.  Pathetic as it is, imagine how we'd feel if we had suddenly seen a massive dump, driving the PPS to two-year-ago levels.  And, with the market seeing this, who would invest?  Yup, the warrants would be gone.  Goody for us.  But I'd bet the market would fear the other shoe dropping.  The other shoe?  The ~40M shares S&L would still be holding, and could sell at any time (e.g., into a run on good news). 

Today, IMO, people aren't buying PTSC as most here would expect because of perceived risk and the fact that, over the last year, the PPS rises and immediately retreats on any good news.  Not a pretty picture for people considering an investment.  They see this trend, and stop looking right there.  They never delve deep enough to see the whole picture.  And now I'm about to trip into the PR thing.....and I've already addressed that today (my opinion).

But good question TOM.  Who knows, maybe the "big dump" would have brought the relief we're looking for (LOL).  Seriously, maybe it would have been smarter for S&L to just do it and get it over with.  Then, with news, we could have "risen from the dead" and the PR engines could have been running.  But on the day of that big dump, Longs would have been screaming in intense agony, and PTSC as an investment would smell really bad.  I wouldn't be too surprised if Swartz feared his life would have been in danger if he'd done such a thing.

But I KNOW nuttin'!

SGE