Tought a bit more about the hedging aspect.  PTSC already has buy back program in place, so essentially a floor, barring real bad news.  S&L probably gets current pricing with a min built in to the agreement as the carrot. 

Looking at such a hedge program from PTSC view. If pps goes down that would mean USPTO killed the patents. Nothing matters.  If pps goes sideways, its a draw.  If pps only goes up a bit, there is no or minimal additional cost to PTSC. And if it goes to 2, 3, 4 dollars, hopefull they have enough hedged at lower pps to cover the warrant purchases. But in that last scenario, even if not fully hedged, who would care?  That would mean USPTO reaffirmed 148 and 336.

Now look at it from S&L's point of view.  Why sell warrants at today's price?  Could be $2,3,4 tomorrow.   An agreement to sell over time would be more palatable to them.  Probably getting difficult to dump shares without really hurting pps.  So, they get a min, with no limit on the high side. This is why the warrant purchase is over time vs one time IMHO.  Good night all. Opty