held in excess of 55 Million Warrants at the time of the PDS creation in 2005. That does not take into account the actual number of shares Swartz entities held outright through additional Warrant conversions along the way. I recall he was a greater than 5% equity holder from the filings at one point due to his Share holdings, so add that to the Warrants count. If the outstanding was 300 Mil at that time (I don't recall) that would be another 15 Million shares; placing him at 70,000,000 shares equilivant, or almost 20% when fully diluted.

BaNos is correct in the fact that when the outstanding was smaller, Swartz' increasing Warrant count (due to the expressed potential for him to Short, and the price reset provision creating the formula for more Warrants as the price dropped lower), and his outright holdings, took up a larger percentage of the whole Outstanding; and at one point I too thought he was close to 50%.

*I'm going from memory, so if someone wants to provide the actual data or a correction, please do.