I'll take a look in that rear-view mirror to say this about divies for warrants and how it was handled.  The info milestone posted reveals that the actual divy money that S&L got was decreased by the theoretical cost had S&L converted those warrants into shares.  They didn't get the same, proportionate money from the divies on their warrants that you and I did.

Though I'm sure this wasn't viewed as necessarily favorable to PTSC and its shareholders, what was the possible alternative action by S&L to capitalize on the warrants via the divies?

I suggest that if there were no divy money, even discounted, coming from the warrants as if they were actual shares, S&L may have had an even greater incentive to dump shares to convert warrants in a much more robust fashion than we experienced.  None of us liked how it played out.  Our dislike would have been an order of magnitude higher had S&L dumped with vigor (like millions of shares a day for many days).

JMHO,

SGE