uWink Inc. (UWKI)

[the big guy]

whether or not they are "free" is a matter of semantics. I have stated before that these warrants are like options and hence could be priced. Basically, if the stock goes up above 2.40. they will become worth something. The price now is based on the probability of that happening.

If I were an institutional investor, I would perhaps simply keep the Warrants. I know I can get back in if the stock goes above 2.40. I would consider selling the stock to achieve a tax loss if I wanted.

SO they are free on paper now, but they certainly took into account future cash flows when they did this deal. and, they are currently down in the stock, so they are not really "free".