The warrants were issued due to KIOR electing to PIK (Paid in Kind) the interest payment that was due on the outstanding loans. The price of the warrants was, I'm certain, outlined in the loan documents and was at the time a substantial discount. I'm afraid that without solid financing of at least $3 - 400M, which would also trigger the $100M commitment from Gates etc., KIOR is simply in its final death spirial. First and foremost, they need at least $100M to attempt to make the improvements they deem necessary to make the technology work and then actually prove that it succeeded via production. All of this means TIME and dilution. My position was and is, take the loss, assuming you have one, and IF there is any kind of turn around story developing, you can always get back in after the 30 day wash sale period elapses. I continue to monitor the happenings, but personally, it looks like it is game over for KIOR. After failing to prove the technology works after a year plus of efforts, I simply don't see another funding source jumping in. If they do, I suspect it will be after financial restructing in BR so that it cleans up the books as well. Just my opinion, for whatever it is worth.