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Regarding warrants ovis, you and bloomfield were questioning the shorting at $1.10 as the $1.10 warrant holders shorting. That wouldn't be the case only because you don't short a stock to exercise a warrant at the same price unless you're management and you need to raise cash for the company.
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2guys, Well, the short would have to be a few percent above the exercise price to lock in a profit. However, as we have seen from the CTO, that strategy was far from risk free as I had suggested earlier. The risk of CTO adds risk. My bad but I now understand that risk much better from analysis of BGM.
The strategy I suggested wasn't to exercise the warrant but rather to use the warrant to make the shorting of the stock risk free -- i.e. if you hold the 1.10 warrant then shorting at $1.15 gives you a 5% profit without much risk (except of course if a CTO causes your warrant to exprire and your short goes from covered to naked). The ideal strategy for such players would have been to cover on dips below $1.10 and then repeat again as often as possible. Generating a 5% return over a few weeks on very low risk is a nice game -- pity though about the CTO risk though.
Anyways, I have to agree with you that we'll have to wait and see what the financials deliver. I don't see where we can learn anything more from the May financials. The game has been played. We only wait the final score. Thank-you for the discussion.