Jeff, I need to answer you more completely, but I need to get to work; however, for now, I can tell you for sure, do not exercise the warrants until they are about to expire, other than in unusual circumstances, none of which exists now. You can certainly trade the warrants (but then illiquidity is an issue, notwithstanding that Liahall got a nice price yesterday), but do not exercise - you will lose your time value instantaneously.