While you (and others) may be correct in the assumption that S&L is working directly with one or more MMS to accomplish the sells to enable conversion, I don't agree. Unless there were some contract in place to assure MM restraint in the selling, this simply wouldn't work in that what's to stop MMs from continuing to play their games and just add S&L's shares to the fodder? And would an MM enter a contract requiring restraint? No way. They'd be crippled.

I envision the selling being done by S&L as being done just like you and I. I envision a grad school student with a business degree, pursuing his/her Master's degree, with a part-time job sitting at a PC, selling shares in a very controlled fashion per very specific directions from S&L. When they're done, the student will write a thesis about it! "How to unload millions of shares with minimal disruption and transparency".

S&L would not tip their hand to an MM, and it might would be illegal to do so (a la enabling probable "insider trading" by the MM, as warrant conversion status would be very sensitive info, IMO).

S&L may have made arrangements with their broker for special brokerage fees based on volume of trades.

All just MHO.

And I KNOW nuttin'!

SGE