Thanks KOO - I think that mostly answers the question for me. While at RVX, his share holdings have dropped from 4,049,481 shares to 3,087,959 shares. It would appear that his position isn't that important to him and he has been bleeding down for some time so no need to read in too much in him not exercising. He still has a major score if RVX is successful and maybe that is enough for him. On the flip side, if this involves a blackout, it means he would have had to exercise while BoM was still blinded so he would have had to pony up over $100,000 cash on an unknown to only raise his position by 5%.