with regards to Unexercisable Options -- IndaMoney made a valid point about these. It would seem that the majority of SAR options held by insiders appear to be unexercisable. It must be pointed out that the info is dated as of August 31, 2008 so maybe they might've become exercisable in the meantime (6 months from then is the end of February, hmmmm -- vesting periods often seem to be in intervals of 6 months). Or perhaps they have share price performance stipulations attached to them -- as of August they were 28 cents. So, if it states that they become vested after say the share price trades above 78 cents (arbitrary) for 10 consecutive days and Look is sold lock, stock, and barrel the SAR's would then be exercisable. Anybody have any insight into this or the time to find the "hold period" or share performance stipulations attached to these when they were issued?

Based on the assumption that these do remain unexercisable for the near term, it would be more indicative of partnership/joint venture than an outright sale.