bart cummings sage advice, page-11

Trout-Love your name, not your politics. Alan has delivered. We just disagree on what delivery means.

Assuming you would think the reward authorized by the Board and recommended by a top compensation consultant were correct if Alan met your delivery definition, which appears totally tied to share price, the cost of the reward to the Company under the accounting rules, if the share price were $2, 3 or 4 at the time the reward were given, would be devasting to earnings. At today's share price, the cost is minimal in a relative sense.

So ask yourself this, given this reward today, the option portion of the reward will have virtually no impact on earnings under BS, and the shares issued will have around a $2.5 million impact. This same package at $3 per share would hit earnings for the options to about $33 million and for the shares about $30 million, a total of $63 million. That impact on earnings, and the Balance Sheet, would be devastating and would have a very long term negative influence on the share price.

Maybe the Board isn't as off as you and some others think.