<I envision the selling being done by S&L as being done just like you and I.>You might be right on that, but assuming you are, why couldn't the MMs figure it out?  The MMs would get used to seeing a particular location doing all the selling, so they know the order flow history. We only see what the MMs want us to see. When that order flow peters out on the sell side, would that not give them a clue?  Just trying to understand whether we necessarily will see pps rise when the warrants are done. I'm thinking the MMs would keep the pps deprssed as long as they could while accumulating.  Would we be able to distinguish between warrants still being converted/shares sold and MMs intentionally holding down pps while accumulating?  Opty