Minster - right on!  With the exception of converting "all" of the warrants before the Markman summary.  As Banosser pointed out, some of the warrants may not be vested - I'm not actually sure. 

Also, I don't know if it's Swartz's intention to convert all his vested warrants before the Markman summary.  He may want to set a few aside in case the price rockets or he may want to sell them ASAP so that Patriot is more attractive for a merger or an aquisition - we just don't know. 

You can't blame people for being frustrated - based on what usually happens to a company's stock when they secure a multi-million dollar deal with the likes of Sharp, Nokia etc.  They should have talked more about this at the SHM instead of saying - gee we're perplexed.  They/Pohl and Co. may be saying this to avoid any hot water.

Banosser - I could be all wrong but I don't subscribe to the theory of MM manipulation.  I think they play little games like small head fakes to get the price moving in a certain direction.