Poly,

You are jumping the gun here when you say, "Very doubtful that all or even a large percentage of warrants will be cashed in for shares." We simply do not know at this time whether the warrants were exercised or not - we have indications that support the warrant holders exercising and indications to the contrary.

In my mind, I am leaning toward them exercising (I ask myself what I would do in their situation) but I will not be stunned if they do not.

We will probably see later today.