board are charging, page-22

Directors exercising calls before maturity on a non-dividend paying stock raises a concern for me.

Unless you are planning to sell the shares, want increased voting rights or expect the stock to pay dividends (which i cant see BOW doing anythime soon) why would you excercise a call on a non-dividend paying stock before maturity? The opportunity cost means it is never an optimal investment decision and it is always better to wait until maturity.

Are they planning on selling before 2011? Is there going to be a s/h vote soon? Or do they simply not understand Finance 101?

I may be missing something here so am happy for some feedback?

Ps. I like and am a fellow owner on BOW by the way...i just like to question these things. Thoughts?