crono,I said 30% because if AD was going to sell a load of...

crono,

I said 30% because if AD was going to sell a load of shares he wouldn't get 49c for them purely because 1. the volume would put selling pressure on the shares, 2. the fact that AD was selling would also place selling pressure on the shares, amd 3. on the day his shares converted the shareprice was 45c (and 1 week before that, the typical time it takes to exercise shares it was 41c).

Your argument is just plain silly (although you have every right to make your argument no matter how silly). If AD ever had any intention of selling shares for a 30% gain he would have done so a long time ago anywhere up to $2.95.

As for being crazy not to exercise your shares, yes I agree its throwing away money but two points there, 1. there is always a percentage of shares that are not exercised no matter how far in the money, often more than 5%, and 2. if you dont have the money to exercise you dont have the money to exercise, its not always a 'crazy' decision but a cashflow issue.