As per our previous conversation, we are good so far as the $0.306 group and those of Dr. Welch and others are concerned, I agree with you that the .306 group are basically longs like us and should behave accordingly, there's no way it makes sense for them to exercise their warrants until the SP is a lot higher, as you indicated, and Dr. Welch is an angel to us with all his shares and low-priced warrants unlikely to be touched for now, so no worries there.

But the Paulson Investment Co. LLC warrants are a different matter, as I'm sure you know. According to the latest numbers I could find he holds warrants totalling 43,802,554 shares, of which 11,112,578 are at strikes of $0.16 and below. Being an agent rather than a long like us, he has to be monetizing those at some rate to satisfy his balance sheet. I agree with you that he apparently isn't doing that at high volume presently looking at the numbers, but one can't deny the fact that those Paulson-held warrants are inevitably going to be exercised, and at price points that we as longs aren't necessarily going to like. I'm not saying he's being malicious, just a matter of his having different goals, transactional rather than strategic like us. I'm just grateful that he only holds a relatively small fraction of the 224 million warrants out there at 19.6%.