All I am doing is pointing out that a trader is not likely to walk past a penny sitting on the street. Yes - they will do it for a 2 cent gain, if there is profit. And yes, there may be need for a financial bridge and the cost of that bridge needs to be factored into the equation - so perhaps 2 cents is a little too skinny - but 3 or 4 may not be. What I am trying to point out is that the overhang is not gone until it is gone - there are still ways in which the warrants are an overhang at some price level until they have been excercised or have expired.