Fair points FMM....I still see the premium as being increidbly inflated, but there is an advantage certainly if RVX explodes to $10+ as you think is possible....I too think that is very possible.  I see the looming FA as being the Rubicon here.....thumbs up and I think $10 is very possible...and when a stock catches fire its all about supply and demand, if it could get to $10 then why not $15...

I still think the reason the price is somewhere around 45 cents....I would guess that a lot of short players would be buying them right now as insurance against just such an upward explosion in the price.  A short player can only cover with actual shares, he can't cover by buying IOUs of more shorted shares...and I see the warrants as great insurance....the worst case scenario is having to cover at $2.50 (assuming they're bought for 45 cents) by excercising at $2.05 if the PPS does as longs are hoping and goes to $4, $5, $10, $15 or more....

First round of golf tomorrow....wish me luck.  Its my Church's annual tourney and I hope I don't get punished on the links for missing services the past 2 Sundays.