HDRWMB are they expensive, page-5

HDR vs HDRWMA vs HDRWMB which is best value? Answer. The relative market price of all 3 is consistent. Your answer depends on desired leverage.

This is my latest warrant valuation spreadsheet-->

http://home.mindspring.com/~smstuart/myfiles/hdrwma_and_b.xls

You must run the macros for the Black and Scholes component to work. I use a mix of binary & B&S to come up with the values.

(USE AT YOUR OWN RISK, I MAKE NO GUARANTEES ABOUT ACCURACY)