Good point frontier.  
two questions rise from that thought process.  

how did they know about the offer ahead of time?

and 

is repurchasing shares/warrants in a PRIVATE PLACEMENT offering considered a PURCHASE of the same equity for tax losses? If it happened within the 30 day window?  
that would negate this whole theory of people selling to raise capital to partake in the offer, imo. Unless they are willing to forgo the capital loss.  Am I out to lunch?

I need to do a bit of research here.