Fuzzy - I believe that was me. Sorry, I don't have an example to give you and others may have more insight.
I think holding the warrants presents that extra element of risk because they are nothing more than an unexercised option. It's simply a right (which you have paid for), but not an obligation and why should they pay you for something that you're not obligated to buy (?).......which is an actual piece of the company.