Hi Qball,
I agree with you that Westcott should disclose "held" although he is holding SDLO.
SDLO is an option to buy SDL. The reason for Westcott to hold SDLO instead of SDL because he does believe that SDLO will be in the money before August 2017. In other words, Westcott does believe that the price of heads (SDL) will be above the strike price of $0.006.
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