confirmation on resolution 5, page-26

abdm, I share your frustration in that by all counts the value of OBJO should be higher than what it really is. But what price is fair for what or not is irrelevant as the market decides that. Management cannot create rewards out of thin air. For them to issue cheap options at cheap conversion prices, the value of something else must come down because the value of the company does not increase except by the cash collected through the sale of the oppies and their conversion. The value of that something else is OBJ, as the value of OBJ is diluted.

Your agreement with pigs (or rather lack of) is understandable as it is a disagreement between someone who has bought OBJO on one hand (i.e. option holder) with the prospect of getting cheap OBJ and someone else who holds OBJ on the other (i.e. shareholder) and faces the prospect of a dilution in value albeit negligible.

I also think the concept of loyalty is misplaced. I hardly call somebody who bought options two days ago to benefit from this "gift" by the company "loyal". If the company wanted to reward "loyal" option holders, they would go back to the registry and reward only those option holders who have held them from day one.

I hope I have not misconstrued your intent. For me it is best to be unemotive and see this option issue as a punt on arbitrage between OBJ and OBJO predicated on whether shareholders approve it or not, nothing more nothing less. This is not about whether you trust management but management could certainly explain this resolution better and explain why it is in the company's best interests to do it.