I doubt Berkowitz is selling and the volume as of late has not supported him exiting. We are starting to see an accelration in the bleed of time value. You cant look at warrant which are essentially options on a linear basis. Theta burn will kick in like crazy at the end, not linear at all. As a result you cant use your $2.00 a year premium. the last year premium may only be $.25.
That being said the leverage is still what makes the warrants attractive. The farther we get into the money the more we will see the warrants move in lockstep with the common.