TMI: Good point about the market makers, probably a potential source of mispricing. On the other hand, given the large number of hedgies in this stock, I'm surprised the warrants are so mispriced. I see some big names in the stock (Pine River, HBK, Baupost, GLG to name a few) and would think they would be all over the warrants. Its not like they have as many restrictions on investments as a mutual fund, so can take on issues like TMI that have some hair on it. In the end, I'm just happy to find something that has a bit of value to it that has not been realized.
Now in regards to TMI, the business... I really like their business. They have a dominant firm position in delivering the advertising space. They are already established in the largest markets. They have a captive audience. They are very much what advertisers look for in a marketing campaign for a delivery mechanism. They are also relatively undervalued. Not huge, but relative to growth prospects I thought it was very compelling. Long term this company has legs.