Ann: Amadeus & Lonestar Agree to Create Leading O, page-16

re: Ann: Amadeus & Lonestar Agree to Create L... I think the Board and management know exactly what they are doing - improving their own position!
Why be managing a $50m company when you can earn more by being part of the management of a $100m plus company. Also the options referred to in this thread are worth nothing if they continue to return cash to shareholders through buybacks but if they take on some speculative assets there is a chance of a pay-off for option holders making them better off.
If it does not pay-off the option shareholders are no worse off because the loss is taken by shareholders
This is a classic case of shareholders' interests not being aligned with management