The client who bought warrants often didn't understand what they were, although he would pretend to.

In Germany, buying and selling turbo warrants constitute 50% of all speculative derivatives trading.

Noise Cancellation Technologies insider sold 300,000 shares, but only so they could buy warrants for more stock.

First City said it was also talking with the F.D.I.C. about possibly buying other warrants that the agency still held.

Wickes common never came near the exercise price, but last summer, with the shares around $9, investors were still willing to spend $3 to buy warrants.

It mainly buys European warrants, either publicly traded ones or those that are custom-designed with the issuer.

By buying low-priced warrants which he exercised when the prices of the bonds appreciated, he made substantial profits on relatively small investments.

Universal also agreed to buy warrants for the rights to buy about 5 percent of MP3.com's shares, a modest vote of confidence in the company's future.

Second, the company offered to buy outstanding warrants, which were distributed to insiders before the company went public, without requiring that they be exercised first.

On June 9, 2009, the company paid back the funds in full, along with US$136 million to buy back warrants from the Treasury.