The performance shares do not help him if he sells the company...

The performance shares do not help him if he sells the company either, under criminal corporate law he would be personally liable, as you know, so there was no benefit either way from those performance shares, so why do it in the first place? In my opinion, its just a red herring to make it look as if a deal maybe done, look as if he is doing the right thing by shareholders by taking a pay cut, and giving false hope that a deal maybe done, buying time for the friendly liquidator to do a review, and then wind up. There is no other reason for it trickster, as either way, he can never use or cash in what he has issued, so as you say, why do it.