Ann: Quarterly Activities and Cashflow Report, page-25

If you read the fine print they are precisely gifts - gifting management millions (0% interest) loans to excise options the majority of which are in the money could be classified as exactly that.

They dont have to repay the loans look at the fine print - the only recourse is limited to the value of the shares if they are forced to sell.



Fairly certain most shareholders would load up on interest free loans if you only had to pay back what ever they were worth in three years time. No downside, potential for upside particularly for the three amigos (Maynard/Sack/Kallenberger) excising most of the 12c options .......