But that 100000 opies, if in the money, say SP is 21 cents will...

But that 100000 opies, if in the money, say SP is 21 cents will cost you $20,000 to exercise. Would you exercise or try to trade out?

Part of the problem for GDN is many holders of options do not have capacity to stump up the funds if last minute the share are in the money. The options were a play to most. Without undewritting of unexercised options GDN could miss the opportunity for raising many millions of $$$.

That's part of the problem with leaving the SP run too late. The wrong people (no cash backup) are option holders.