Shorters using Warrants to limit their risk, page-2

A couple of things to keep in mind. First, the largest warrant holder is also the largest debt investor (wts were part of the 11% bond deal refinanced last year, and they were the largest buyer of that bond as well as the new one). It would be very surprising to find out they were a wt seller since they have been a big supporter of the company, and shocking to find out that they sold their wts to a short seller. Second, the expiration of the wts is not until july 2018 which gives the wts time value even if they are not in the money. I'm pretty sure if the number of shorts is close to the number of wts its just coincidence.