I think you have hit the nail squarely on the head! One correction, however, the warrarents were completely retired in October, not November. So, with the 13-G being effective through 12/31/07 means he (S&L) had to have sold appx. 4 MM shares per month to have liquidated just over 12MM.

Now it makes sense! And, S&L are the reason for the season!!!

With that rate of sale, he will be out of the picture right at the end of May which is when his approval for an M&A expires.

Perfect!!!!!!!!!!!!!!!!