The company is not in bankruptcy risk more than any other penny stock or low cap nasdaq stock you are trading, in fact it has less debts than most pennies out there (only a couple million $).
Look at SYDI: no revenues and 6 times the convertibles of CLBE, yet it had a 15x run.
The fact is that this stock was killed by the conversion and dumping of half of the debenture, in order to get a pps low enough to convert the other half before this next April at a convenient price. After that conversion you may see a run, but right now there's no interest because people is worried that the dump may start again, since it lasted until late december 2007.
The warrants are worth nothing, I'm not worried about them (if they get exercised they are worth a very small amount of shares). They will not get recalculated.
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