Shatners, you are totally right.  Upon expiration the warrants are gone.  They need to be exercised by the holder in advance.  The $1 warrants are very over-priced now---almost double their economic value.  Why encourage AUN to bid for over-priced warrants?  It would simply make them more over-priced.  When the AUN cash till is full ($100MM+) the AUN Board could consider stock buy-backs.  Right now cash is sorely needed for an operations cushion.