HDRWMB are they expensive, page-6

Why did mac write the warrants. 2 possible explanations.
1. they think HDR is stuffed and maybe mac have been selling down stock and writing warrants to punters?
2. They bought plenty of physical when it was priced between 40 and 60 cents and if they have to back the warrants they can but if they sell new series they keep writing then they dont have to worry about that to much

but if they bought enough stock cheap they can balance their book either way