If UAL takes the second tranche of government assistance ....the 4.5B in loans, then the USA will have warrants to own 7.6% of UAL according to the Financial Times. About 20M shares by my math. So this is interesting. Diluting the shareholder value, including the federal government's, by about 15%? (~40M new shares added to 260M outstanding). It looks like those buybacks aren't aging well.