And now you've just proven that there are too many variables to foretell the future.  I would expect, however, that some of those power players, in the position to pick up warrants, would be a little closer to the play than we are, and would suspect if NOT is due for a pop, thus collecting the warrants would likely be an expedient thing to do.  Picking up the warrants is also a guarantee of price and quantity whereas the market offers no such guarantee particularly if the pop they are expecting comes.  I wonder at your theory on allowing the sp to do down to ward off dilution.  What a tactical mind you have.  I don't know that there would be enough legal latitude to pull that off other than if everything just happened to time out correctly... but who knows?