Dan / Must Be Patient....
If I read Patient's post correctly, he is not calculating the full cost of exercising into the common -- when exercising the warrants (@$1.65C per share) the cost of owning the common is $1.65 plus whatever you paid for the warrant itself, so there is a premium. While the premium is nowhere near what it was on a percentage basis when we were first buying them (having been eroded both by price and time) it will continue to be a factor to consider. As we approach the 2007 expiration date, the premium will gradually disappear so that erosion must be figured into the cost of owning the warrants. To me, the premium factor is more than offset by the additional leverage of the warrants.
Hope that helps.
PS -- I am well equipped on both WHT and the warrants, one of my favorites as you know. BTW, nice market for the bears lately.
mlsoft
Market Data 
Markets 
AI
