Well there you go. He exercised them alright but didnt put any money up and at the same time sold 2/3 of it to cover the options (through a cash less exercise). I would have done the same in his position but a bit of a joke if he made it seem like he was paying the option exercise price to buy 3.5mil shares instead of just receiving free shares from the option exercise without any risk.
PTX Media related, page-1206
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