Sounds like to me that these warrants and shares a

Sounds like to me that these warrants and shares are in a CASH account or non IRA? If they are, then this account should also be marginable account. If not, you should make it a margin account. So, with the shares you do own, your margin $$$ power should be way high enough to cover the cost of selling any warrants. That is, you "shouldn't" have to use any of your own money. When the pps gets high enough to give you a safe cushion, has stabilized and is on a TRUE upward trend would be about the time I would convert the warrants using your margin balance. (This what I am going to do.) Remember, when you do convert the warrants and get shares, your margin balance will also increase, of course minus the 3.44 per share cost (what you owe.) So, if you feel comfortable with the margin balance (and interest fee) you owe, you can just sit with the margin balance for awhile and hope pps goes higher in order to sell less shares OR sell shares after conversion to cover cost if you do not want to carry a margin balance.

Also, paying taxes is a good thing: it means that you made some money!
I can tell you about all the gains I gave up over the years believing I could avoid paying taxes.

Anyway, sound like you are in a good position to have along with a lots of other people here.

Warning: don't take advice from a message board.