Winter, weren't you the one that claimed not long ago to own 1.6 mil. B warrants?
I guess it's not that unusual for someone to buy a large amount of warrants, and not know how to value them, or that they should never trade higher than the common, as you stated they could.
By the way the time to expiration, also factors into the premium paid for the warrants. The fact that they don't expire until 2014, would add to the intrynsic value of the warrants, i.e. if the share price of the common was currently trading at .50, the B's would most likely be trading at close to .30 IMO.