EcoSphere Technologies Inc. (fka ESPHQ)

[lookingforvalue]

OK...All joking aside

I need some opinions to help me figure out what to do....something just doesn't smell right. I received a letter from Ecosphere last week with a really odd offer. I currently have options to buy x amount of shares at $1.00 and another x amount of shares at $1.25 They expire March 30, 2010. 30 days from today. I use X in place of share value for ovious reasons.

The letter offers me, in exchange for my x shares, the same amount of shares at a price of .60 with a two (2) year expiration. All I need to do is send them a check for x amount of dollars (6 figures).

Why would ESPH want me to give up my options at $1.00 & $1.25 respectively that expire at the end of the month in exchange for the same amount of option at .60 per share and extending the expiration for 2 years for cash ?

I bought these years and years ago when I subscribed to a private placement (bonds) and these were attached. And Yes, I have been in this baby for a really really long time. Any opinions would be appreciated.