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.