To have bought back shares @ 10 would have strengthened Lincoln/Swartz`s position in that the warrant conversions would have given them greater control of the company. By doing as they did, and proposing to buy-back 20,000,000 warrants Patriot has fixed the potential O/S, returned money to shareholders(rewarding longs is an amusing slant), and cleared debt.

Until such time as the warrants are all converted or bought back, there is very little logic in buying back issued shares.

Be well