Let me throw my two cents in on your question, byergo (even though it seems rak has bought them more recently).
Liquidity was decent a few months ago, but seems to me, it has dried up quite a bit since then. I think you set a price, good till cancel, and see if you get filled. But it seems we all have quite some time to get them, before the stock price runs up, thus making them more expensive.
Selling them now would be no picnic, either. Since most anyone buying them would be doing so waiting for approval, and if with approval comes a stock price of greater than $5 or $6, then, even though the time value component wouldn't be that great since (i) they'd be very much in the money, and (ii) the big event of approval would have occurred, I would think you'll have no problem selling them for a decent price.
Haven't played any options lately either, so not sure how those are going between bid and ask - for example, not sure if you can get an execution if you split the difference between bid and ask for options (there is no bid/ask on warrants).
