rachelelise, You stated...
"Finally one positive (if you could it that) aspect of the underwater options is that if they expire then they do not become dilutive (they disappear) so at least some fraction of the new authorization would replace older owns albeit at likely a much lower strike price."
From the proxy:
"If and to the extent that options granted under the Directors Plan expire or terminate without having been exercised, new options may be granted thereunder with respect to the shares covered by such expired or terminated option, provided that the grant and the terms of such new options shall in all
respects comply with the provisions of the Directors Plan."
Quite the gift we'll be giving them...no???
Let underwater options expire, then grant themselves new options.
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