"When they were issued they had a genuine value of about $10M."
Sure! but that was only to satisfy the tax obligations.
If they were to be sold on the open market they would have been worth cents in the dollar reflecting the risk and the fact that they were always a million miles out of the money. What is the true value of something that no one wants?
These were performance options after all.. A reflection on performance perhaps?
the $6.50 oppies, page-4
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