A possible scenario is that whomever will be underwriting the...

A possible scenario is that whomever will be underwriting the options wants a lot of TGS stock because they see the value in it that we do.

However they don't want to buy on market.
'Someone' keeps the lid on the share price so that option holders are unwilling to submit their conversion cheques.

Then at the 11th hour the options are underwritten and the entity that is after the stock can convert all the options that are not taken up.

I don't hold options, so it is no skin off my nose, but the whole thing stinks, and should be the subject of an investigation. But it wont be.

What is particularly bad in this case, is it appears that the underwriting deal has been kept secret, and IMO that casts a poor light on management -> if <- they knew of the deal.

Of course they might have only just been approached, or might claim such, and we will have to make out own deductions in that case.

Either way - a pall is cast on the underwriter. Any bets as to who it will be?

As usual the retail investors are hung out to dry.