Since the warrants are not included in the OS count...their repurchase has nothing to do with S/L`s holding amount or %. Aside from current agreement,future cost remains unknown and they are not required to sell them back to the company.

To exercise warrants S/L would have to sell holdings first so that newly exercised warrants fit under the 9.99% cap. I believe they can, however, sell and transfer the warrants to another party but that section should be reread before stating as fact.

OS buybacks would force S/L holding sells to remain under cap. The agreements tho giving S/L more voting power, seem to also keep them in check. A repurchase of say 70-100mil. of the OS would virtually guarantee no further risk of dilution.

Thats how I understand it anyway.Correction welcome.joe