text_combined: fw ats warrants appears marking full option model value let us know need original message whiting greg sent tuesday october 16 2001 10 34 hodges georganne coffey jr jim cc gruesen karen subject ats warrants 3 0 mm ats warrants two tiers one tier 1 0 mm exercise 1 10 cad expires 3 2003 second 2 0 mm exercise price 0 85 cad expire 9 2002 valued using black scholes shona wilson group model signed jean mrha ats publicly traded current value gl 762 k usd 3 rd qtr write 751 k usd would think contact shona group model used value warrants capture true value greg original message hodges georganne sent monday october 15 2001 8 11 pm whiting greg coffey jr jim whiting greg cc gruesen karen subject fw ats warrants jim killen faith subject fw ats warrants cris bit issue thought marking purely intrinsic value options due illiquid nature really think need mark real values unless prove value selling proportion warrants market also clearly write number balance sheet way high please could evaluate warrants come proposal deal thanks louise original message miller kevin sent monday october 15 2001 4 09 pm kitchen louise cc rainer eva druzbik lisa mrha jean subject ats warrants louise think possible begin selling ats warrants time per ats warrant certificate ats common shares issuable exercise warrants may sold transferred otherwise traded march 20 2002 warrants also non transferable except affiliate addition ats warrants valued daily using black scholes model spreadsheet result evaluation attached current value warrants 762 600 usd using evaluation model however current ats stock price canadian venture exchange 0 97 c warrant exercise price 0 85 c first 2 000 000 share tranche second 1 000 000 share tranche exercise price 1 10 c thus current value considerably less black scholes evaluation model calculating questions please give call extension 33541 kevin miller