What you haven't rebutted is why Peter Ntephe's, the BOD's and all other management salaries were not more heavily skewed toward stock all along. That would have been more typical of all small companies because they realize cash to survive is essential. And more importantly, if you make management into shareholders they tend to focus a lot more on building shareholder value rather than writing essays, taking classes and attending conferences.
Until the last few years and until desperation started to set in, these guys owned almost no stock. I'm not impressed when they buy or receive stock because they almost have no other choice. How would it have looked if they didn't participate in the rights offering? Wasn't that the first time they actually bought any stock? How would it look if they weren't buying now? I want them to buy stock, have most of their salary paid in stock and be large shareholders because they want it that way. Sorry but I still see this as an act of desperation. Makes perfect sense to me for them to spend 47K now to try to save their 400K in annual salaries.
And please don't try to tell me PN couldn't have requested more in stock and options and less in cash over the years. I'm pretty sure that request would have been granted. He never has done that and I guess he never will.
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