I hear you too.  And I've made my desires known in this regard (i.e., scrap the divys, buy the warrants).  There is only one good reason I can think of as to why they only did this to a limited degree, and that is a fear that retail would perceive such action as rewarding S&L and S&L only.  The divys rewarded all shareholders equally (though I still would have been happier if they'd just kept that money in the bank, or bought back shares with greater vigor).

Isn't it interesting that, for me at least, there is a valid counter-argument for most of this S&L warrant stuff?

As for the other bone of contention, the divys, that's a tougher arguement.  Old-school thinking perhaps?  Give 'em a reward where they can maintain their share count?  And add to it if they chose?  A resonable though process I suppose.  Just not my thought process in their circumstance....

SGE