Here's another one...  who says Swartz has to buy/accumulate all the warrants he converts and then sells?  Perhaps, if he is actually the acumulator, he has pocketed half or 2/3 or 1/3 the profits.. perhaps $30-40 mil?... [therefore the steady decline in SP, because retail has been depended upon to pick up the slack and they haven't... ]  then is willing to gamble the rest as basically 'exchanged' warrants for shares (instead of 40 mil he could have 70 or 80 mil).. basically free (and no warrants on the books), for the potentially huge pay off with successful MH or trial or settlement?  When the decision to make this play would have been made, obvious was probably not a very big thought, nor Pubpat...  a gamble sure.. but you pocket $30-40 mil or so and gamble the other $20-30 mil for a potential payoff off $100-150 mil......  if it could be done legit.. I for one would have to consider it.. seriously consider it.

all speculation & I don't know jack...