doog, one has to do what is best for their own situation. However, I have to disagree with you here on this statement;
A RS is revenue neutral. so it does not matter if he dilutes 10 million shares before split and we go to 60 million. which gives us 6 million after a RS. OR he sells off 1 million shares Post split at $3.50 and we still go to 6 million shares. either way he is selling 25% of the company for the exact same price.
the only thing that would hurt is if he sold on the open market rather than a direct offering to Boyd or even USB. then it could have some downward pressure on the price. However, if I were Boyd and just invested the 9 million I think he has since last October, why would you NOT buy the offering to secure your investment and get control of the company?
While I would concede a public offering is a threat to consider, I feel personally it is slight and one of the big guys buys the offering. They would be stupid not too as long as they had the cash. Again the problem has never been with the product but the management. by adding a little more they get to control the product and get rid of the problem.
so to me holding through a RS is immaterial because it is revenue neutral.