HhH, welcome back from the Big House!!
True, Wave could have sold treasury stock to raise the money (or not, I think they're tapped, hence the need for the approval to move A/S to 120 million)
But that's not the point.
PJS exercised options that he could have resulted in a mill in pocket, AND PAID BACK WHAT HE OWED.
It wouldn't surprise me if someone backed him up against a wall and ultimatum-ized him (like "pay it back or we'll file a lien...")
"Absence of evidence is not evidence of absence. - Carl Sagan