RE:SATURN OIL AND GAS - WARRANTS Imho most of these warrants have a strike of $ 3.20....
In your calculations you forgot the interest on the debt. I should be 10+%. So if we take $120m, that would be 36+m for the 3 years (to planned debt free status) and of course a company with no/lower debt gets a premium = you get the premium earlier.
That said...it would be nice, if the warrants expire...but it's not the end of the world.