Bill for some reason i assumed you meant the options were...

Bill for some reason i assumed you meant the options were 'issued and paid for', some companies do that. I understand what you're talking about, but let's look at the facts, the option holders understand what they've bought.

Say you were to sell, you'd be selling at 0.002, hardly worth it for the sake of a tax loss in the current FY against the potential return of 10x that sale price post June.

Bearing in mind the average trade size of options has been tiny, 12 million options got traded over the past 12 months, 1m of that was a few days ago.

Most of the big option trades would have been to wait for conversion, there are accounting rules that allow for the write off of stock if the assumed value is $0 (even if you haven't sold them), let's say in the next FY the value has returned, you write them back.

Hope that helps..