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If Rofert's theory is correct and the warrant holders are off-loading the warrants before or at the same time as getting them, it doesn't augur too well. Surely the warrant holders will have the inside track, knowing what is going on here, so why would they want to get rid for a small profit, if they 'knew' that they could get more in a few weeks' time? No doubt, Masoud wouldn't care too much, all he needs is a solution to the funding crisis to keep BMR as a 'going concern'.
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