Called E-Trade again(!). Different rep but all the same info as I posted earlier.

Can trade ARU shares in my account immediately for both equivalent K shares and warrants. Also conversion may take up to 2 weeks but likely sooner. As Ebear stated the process sounded like E-trade holding a short until transfer agent completes the transfer of K for ARU (rep though didn't use the term "short").

Anyway I'm satisfied as to the liquidity issue that originally caused me to ask the question.

As stated by a few - I'm not selling in this market and at these prices as gold equities will do better (famous last words).

Anyone with further questions can call E-Trade themselves.