Shorters using Warrants to limit their risk, page-6

You are thinking the same way as I am. Bond investors lean towards guaranteed income with reduced risk. They are here to make money not to help anybody. Their non-convertible bond value will remain intact as long as equity value is > $0.

Exercising Warrants and selling them is difficult due to packet size, but selling them without exercising would make more sense (if someone is ready to buy them). Only one packet was ever exercised in Sept 2014 even though the price was mostly above exercise price in 2015 and 2016.