When talking warrant conversion and warrant redemption, remember we're talking two different things, per my understanding. I would think that warrant redemption involves PTSC paying cash for warrants (up to 20M, at a rate of up to 2M/month - purely optional to PTSC until the 20M cap is met).  Warrant conversion doesn't directly involve PTSC.  They are converting warrants into PTSC shares.  And to do so, they (S&L) have to reduce their PTSC share holdings proportionately. They don't have to sell any shares for the warrants redeemed, they just get cash.

Now, we don't really KNOW, IMO, how much of the reported outstanding warrant reduction is due to warrant redemption and how much is due to warrant conversion. At this moment in time, we may be much further along than we presume, or further behind - but I suspect further along. Heck, S&L could have dumped 4-5M shares just last week, allowing a like number of conversions.

One good question does fall out - when are outstanding warrants elidgible for redemption (I would think at any time per the agreement) and conversion (here there is probably a timetable). If someone has thoroughly researched this, I'd sure like info re: timetable. (TIA)!).

Corrections to above are solicited - 'cuz I KNOW nuttin'!

SGE