Let's make this simple:
13-G/2006 = Appx. 38MM shares.
Consideration for allowing warrant buyback=7MM
Warrant buyback complete 10/02/07.
13-G/2007= Appx. 24MM shares.
21MM shares dumped on the backs of retail between the 13-G filings - 21MM shares!
Shares are shares and warrants are warrants. We shouldn't try to mix them up. It confuses everything!