Hey, Oz, if it were up to me and most shareholders, they'd jump at number 1, but it's rare that a "rights" type of offering is made.  One of the reasons is that companies are always looking to broaden their shareholder base.  But if they offered shares at the average price over the previous five days or so, I'd be on board for some.

As for exercising warrants, I don't have any but if I did, I would not exercise them unless they were currently in the money, so the .75 ones are out for now.  I don't see most of the .52 holders as true supporters of the company, so I think they're out, too, by and large.  

I'm not adverse to more jv's - similar to Sanan, we each have something the other wants.  And we can't get too far, as you say, without money.