"On the other hand...if you like to gamble, and you think AUM will get back to the merger price, they are so cheap that some serious money could be made by picking up a few."

I would never buy those warrants now, unless management would extend the expiry date with two years right now. But that is highly unlikely. I haven't been watching them either over the last year, but time is kind of getting tight now for them to get back in the money.