Reading back to the orignal 1997 warrant retirement I have to wonder why these warrants are even still out there. Seems to me the company offered 1/6th of a share for every warrant that was held. Over 95% of the holders went for the shares. The company did this to make sure there would not be any overhang or dilutitive effect caused by the warrants in the future. Now if offered shares for warrants that are basically worth nothing why wouldn't you take the shares? Unless you just didn't care or forgot about them? Since the majority of the warrants were from 1994 I have a real good feeling that very few will be exercised almost 8 years later after they were already overlooked 5 years ago.
Imagine the irony if we go through months of waiting for the warrant issue to be resolved, and only a handful are exercised. Schwed told me months ago that the remaining warrants are "widows and orphans" scraps who didn't respond to the earlier offer. I would be surprised to see many redeemed next week.
But it really doesn't matter. MAXF doesn't need the cash and a few extra shares won't hurt, not with the buyback about to get started again.
I would note again that getting the Tokyo issue straight with the SEC may have saved us from some serious heartache later. We have a clean set of books and a cash machine working for us.
I still see a $10 stock this year with potential downside risk of $5/share at worst, under current circumstances.