Bomba, I have wondered the same thing. For many weeks it was nearly all buying in the warrants, which I took as either shorts hedging or someone loading up for a run.
The problem with this idea is that there are only 3,000,000 warrants (and thus shares to be drawn from them) outstanding, representing less than 10% of the company and less than 30% of the short interest.
That's not a terribly large amount to go around so I'm not sure it would be worth doing all this just for a return on barely half the shares owned by Adage. I could definitely see it playing into part of a covering strategy, though.
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