Good point, but I wasn't sure how that worked in practice. Seems odd that those who don't own warrants/options would essentially subsidize their deemed exercise (via a reduction in overall BO price) by those that do own them. Oh well, if it does work that way, just another case of the rich getting richer!

In any event, I will be a very happy lawyer if we ever, actually get to the day where these hypothetical questions/issues are in play in the real world.