I suspect that the warrant buy-back will be at prevailing pps (if it wasn't, they'd probably have to disclose).  And why wouldn't S&L accept this? They've been selling shares on the open market in order to convert warrants, so what's the difference to them (other than a healthier PTSC, in which they are still seriously invested)?  So everything in your post up to the last paragraph "ain't so".  The last paragraph is probably correct, so put on your look of surprise!  Included in that is the peceived likelihood that the pps will be increasing between now and 30 September, which (guess what?) is the new date by which mediation must be complete.  What's that tell ya?

But I KNOW nuttin'!

SGE