I'm assuming he excercised options that were worth $1.10 a share and sold them immediately on the market through a method similar to what happens when options expire....an automatic buy/excercise at $1.10 and sell at .XX

I have to be honest that options are not my strong point and I don't know exactly how they work on a transaction like this. Someone like Pam would be better suited.

My point was just that if he was not forced to excercise/divest them now then why would he do so if he expected a permit.

With the markets down 40% I doubt there is any rush to make tax loss sales for capital gains reductions right now. You can't deduct more losses than you have gains past $3k (in the U.S.).

Honestly I just don't know what to think but w/o some altruistic reason my confidence is shaken. Well more shaken really. I've been buying all the way down since .64 but I think we are lookin more at a legal spec value than a permit value right now in the market.