RE: Warrants & market failureI am not sure if there is any adjustment being given by WRN to warrant holders but here is my major concern.
If the warrant is tied to WRN, after the spin off, WRN should go down as 2 of its assets are being spun off and the shares are being given to the shareholders. This would reduce the underlying value of the company and therefore make it more difficult to reach in the money status down the road.
This isnt to say Casino isnt worth 3.45 but it does mean it will be harder to reach that goal with fewer assets in the company.
Warrants may be an interesting play on this but it might be better to buy post spin off than before.
If they have done something to address this matter, consider this post mute.