has anyone been able to buy the KMI-WT, and whats its purpose?
The purpose of the warrants was to increase the value of Kinder Morgan's buyout offer for El Paso common stock without Kinder having to come up with more cash immediately, and thus having to incur additional debt to fund the buyout. If Kinder Morgan wins regarding the deal, then former El Paso shareholder's also win. The warrants were an extra inducement for El Paso's board of directors to accept the buyout offer. KMI was trading in the mid $26 range on the trading day prior to the announced buyout acceptance.