I have a profit sharing plan that is in the process of terminating. The plan holds warrants that do not expire until April, 2002. All assets have been distributed except for these warrants. Any ideas on what to do about this asset or are we just stuck until the expiration date comes up?

Pardon my ignorance, but what do you mean by "warrants?"

It is a derivate instrument that has a value that is derived from the underlying security (i.e. common stock). It's like a call option but with a longer expiration period.

Does it have a market value? Usually a plan termination requires that all assets be converted to cash and then distributed (of course possible exception for ESOPs).
No matter how "exotic" the asset, it should have a value, meaning the trustee should be able to find a buyer.