think some of the warrants went today @ .25 (which might explain late afternoon action a bit)
INRA could prolly prevent them from converting on the note and i think INRA has the right to pre-pay, besides, there's a no-short covenant, the pps is fixed @ $.40, and Cornell is under SEC investigation. doubt highly they wanna mess around w/INRA, esp. w/John Ashcroft's beltway rolodex!
and, why wouldn't they just buy in the open market and get the premium from garden variety long positions?
think the warrants vested to them in July when they did the deal, and if so, they would definitely have an interest in seeing the pps move up significantly from here imo as the bulk of those warrants are @ much higher strikes.
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