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To: Biomaven who wrote (117966)	2/19/2014 8:00:08 PM
From: Elroy	Read Replies (1) \| Respond to of 118717

Not a long-dated option, because I think you only have 30 days to exercise once they are declared effective. Is that so? I'm not so familiar with warrants. I thought there were two "next steps" for the warrants. 1- Declare then effective, so they can trade and be exercised at the holder's discretion. 2- Call them, which triggers the 30 day period you're discussing where the holder must exercise them or they become void in 30 days. Do those two things have to happen in tandem, or can the be separate actions by MHR? If MHR did #1 and not #2, they would be like long dated $8.50 call options. Once MHR does #2 they would be like one month $8.50 call options.