He didn't spend a dime of his own money purchasing those shares. He bought them personally with company funds, instead of having the company buy them and thereby introducing the possibility of retiring them, so that he can flip them when the proper amount of time has passed. He will not be out a cent when RS happens, but he WILL be able to take out more convertible debt with the new, higher share price, which means......Back to the Schadels!! You see, every tick you move up, you are closer and closer to bankruptcy.
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