Guys,

I think what GC is saying is that most of the warrant holders are institutionals. They are in it solely for a 10% to 20% quick and relatively riskless return if they can lock it in by shorting at these levels and realizing the gain when the warrants expire in April. While they may see the upside value of the stock much higher than here, they have to answer to thier investors who demand a risk/reward payoff that makes sense at these levels. There are not alot of other investment categories offering this type of risk/reward currently, so they have to keep their investors happy.

Merry Xmas to all!

SM