A true tour de force, upshegrows.
I have only a vague memory of an auditing class taught by a longtime practicing auditor. It is a most unpleasant, lonely job with more pitfalls than a volcanic field of mudpots. But the auditor was only conditioned to look for embezzlement, theft, and misuse of corporate funds in whatever form. A raid on the treasury through options is probably more pervasive but I have never had the subtlety you found displayed so nakedly.
Thank you for the lesson.
The grimmest message could be that the management has abandoned hope of dealing with the mess. I have had stock in more than one struggling company where the founder or CEO's checkbook kept the company alive. When the checkbook was closed, the end was rapid.
Will be watching.
Best, Terry
