Agreed, no concrete evidence but plausible. What would a Prudent Man do? You already know the answer. I would much prefer the warrants be retired first, they are much cheaper, though I am unclear how PTSC would get hold of them. Maybe it is as simple as asking Swartz for some flexibility. Remember, PTSC is buying 2M warrants per month thru June I believe. Correct me if I am wrong.

Both Fut & Drebbin accurately portrayed the accounting regarding income/balance sheet impact. The buyback reduces the float computation. Problem is the figures are only updated quarterly, so its kind of a lagging indicator to express current EPS.

Reagarding the $1.03 strike price and extrapolating the Sony/Nikon settlement of $50M is fanciful. You simply don`t know how much settlement dollars will be devoted to buyback, other than a minimum 10%. It may be done over an extended period of time at which time the price may fluctuate. Given, the price has traded in an extremely narrow range for the last week or so, it may be much easier for PTSC to calibrate their assumed purchases. I would be intrested in knowing the amount of $40-$50k blocks which were purchased. PTSC may buy that amount daily to stay under the radar screen.

Virt