I don't think he'll have to exercise anything. He's the major debt holder, he will simply receive everything and likely still be owed a ton of money, commons should naturally eliminate through the BK process as the company as we know it dissolves. IMO, he directed the shorting of this all the way down from day one, he has a lifetime trading ban for a reason, he bilked his investors in the past, unlikely Dan wasn't complicit either IMO...2 rich guys robbing the common man, taking a huge tax loss in the process, not a unique story...