Why do you suspect the Warrants are dead? That seemed like their way to delay the cash-flow problem until after the election.
I am not sure, but I find interesting (as in Chinese curse) the following article. It may be that Gov Davis and the Democratic Party doesn't want to deal with the politics of the bond rating agencies downgrading California's bonds at the moment.
F.R. Article on Major Companies and Japan getting ratings downgraded due to cash flow concerns
Actually this brings up a campaign strategy point that Simons might want to employ and that is to find out if a bond downrating is likely to happen and then start telling the media and the public that if the state is to avoid problems in Basic services it will need to borrow some money in addition to living within its means and just like when you try to get a credit card, the folks lending the money will evaluate how reasonable you have been in you past spending. Because of this, the State needs to rid itself of the scandel that is following the Davis administration from electricity, to computer software, to shaking down students and teachers for campaign contributions.
Nice simple clear meassage that should make democrats pause. A possible bond rating downgrade could be a good election issue.