growacet,

I liked the theory of CD where a long position is taken to hedge the investment when one has warrants. If the investments go up ypu use the warrants to cover the short,... if the investment goes down you make money on the short.

It would certainly explain why we still have over 300,000 stubborn shares short so close to a big announcement. If I owned lots of shares and warrants that is what I would do.

Thanks