Warrantsare clearly very high risk, very high reward at this point. Roughly 30months to expiry and a 2.60 exercise price seems pretty pessimisic, but on the flip side when they are trading at .005, the warrants have a leverage factor of 52x (GCM currently at 0.26), which is very high. I'm not sure who is selling, but someone has been buying all those warrants in organized cross trades. I haven't thought too much about the possible scenarios, but theoretically someone with deep pockets and an interest in GCM could go out and buy all the warrants for an insignificant amount maybe $1-2mm (Not sure on the number of O/S, but it's either 343mm or 152mm warrants), and use those warrants in the case of a takeover bid, either to protect of to acquire GCM, could they not?Ex.1) If a bid was made at over $2.60 per share by the same person/company/fund that owned the warrants, the owner of those warrants could exercise them and use it to exert control on the total shares outstanding (in conjunction with common shares they own), to pass the bid if it was not recommendd by management.Ex.2) If a bid came in at under $2.60 per share, and the company making the bid had a significant amount of shares outstanding, the owner of the warrants could potentially put in a bid over $2.60 to trigger an exercise of the warrants, and significantly dilute the common shares outstanding, thereby denying the takeover.Any thoughts?SP>