The 5M was a drop in the bucket. Since last spring they have played this game enough that about 190M warrants exist now that would not have.
About 155M would have expired or been forced to exercise in May/June.
About 32M were issued as incentive to play the suspend game.
The net effect of that is instead of the company (fully diluted) being divided something like :
Common: 65%
Warrants: 15%
Options: 20%
It is now more like:
Common - 55%
Warrants - 25%
Options - 20%
Nice deal for the friendlies to do what is in their best interest anyway.
And who are these friendlies? They are dominated by LP and friends of BOD member Nevid Malik (at least if we believe the longest long around here).
Longs will of course say good for them, despite the fact that this cuts into their own share of the pie.
[BTW, I am being generous on the numbers. If anybody wants to fight the details, bring it on]
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