This is interesting. I did not realize that they had a one year window. They would be hard pressed to convert at this price if given a one year window. Before I knew this (if it is true - they may be able to renegotiate it), I thought that the price approaching the strike price meant that they would simply hold on till whenever they could make a nice profit, or even adjust their strategy to get out their principal, and only convert a portion. But with this window they have to do some thinking, or make this into a winner quickly.
Is window just for Deerfield, or also Warburg - I realized after my last post that there are these two large shareholders. Actually, I thought that Warburg had these options that you are talking about, with Deefield just owning a fair amount of shares.
The floor is in, but only $1500 of stock traded on Friday - not too many interested in selling. Everyone is waiting on news. How on earth would WP liquidate their position of 160MM shares on a super-thinly traded stock? They'll do so when the company is sold.