Good Flow Through Tax ShelterBut that is about it. If you can get flow through shares like the recent issue with warrants its a great deal!! Your cost is zero for only a hold period of 4 months. Sell your flow through shares at the same price you paid and your pretax return is 80% plus you have the warrants for free. If you can't get flow through then pretty much stay away....the market maker will take all your profits. What you see today is likely warrant conversions......anyway, trades like a dog and if you are not an insider you will likely lose out.