Like vette said, this is really a non event.

EE bought 1.4M shares at $1.25 a year ago on Oct 31 with an option to buy the same amount of shares at $1.50 on or before Oct 31, 2012.

Since the exercise price is some 40 - 50% above the current market, (not sure about exact price on Oct 31) the obvious thing is to let the option expire. In theory, he can buy the same shares at market at 50% discount. Of course, in practice buying that many shares would immediately send the share price to the stratosphere. Exercising the option at 50% premium may also send a signal to the market which the board and management may not want to do. Hence, letting the option expire is the only right thing to do under the circumstances. JMO GLTA!