"It is my understanding that warrants, which weren't being converted, were part of the total and this skews the percentage figures."

Of course, but even with 27mio shares/warrants minus 10mio warrants equaling 17mio shares, LV had about 18%. Anyway you look at the numbers, they are not above 4.99/9.99%...

Regarding your question about LV becoming a separate entity, I guess, it was a need to handle the ownership situation in 2002:

In all the filings until 2002 there is no mentioning of Lincoln Ventures, but then LV suddenly appeared in June 2002 (formerly described as "a group of six investors) and the only hint were two not-readable filings about a private placement in April 2002. Besides there is no official information about LV as it is for SPE (but both have the same postal adress).

In the end Roy A. Adams, who had full control of Lincoln Ventures some years ago according to a filing (I would have to search for, if you ask), was the person, who underwrote for LV AND SPE as manager (SC 13G from 02/07) - showing clearly there is no difference between SPE and LV.

To repeat myself again: IMHO this is the main reason, why the SP is suffering since two years. Patriot had to pay the huge bill, they built up over years, starting from 97 (thank you GE, I forgot this filing) until 2005, because they couldn't finance their business on sales of their technology, but only with the money from Swartz and thus us, the shareholders.

I know, I sound like a broken record, but the company had no choice at that time and they didn't have a choice the last two years:

IMO all we saw since March 2006 was a big orchestrated production and we're still in the last scenes of it ( I hope).

Good night.