TSX regulations do not allow them to buy options during a black out period.

They do not make statements whether they are in a black out or not. Their lawyer made it clear that they were not to answer that question.

They may have been in a black out when BigBuck went to the AGM, it does not mean they are now. For example, they would have had to be in a black out to produce the recent financial statements.

They should neither confirm nor deny their black out status on the advice of their lawyer. We can only make assumptions based on their actions.

Given Elmer exercised his options it would seem to indicate they are not in a black out because the TSX regulations do not allow for this.

Could they be in a black out next week? Yes. Were they the other day when they bought options? No.