Management's underwater options are important since they're the biggest impediment to M+A, and they've also dictated a 'swing for the fences' / all or none mentality.
Shareholders would be better served if management's stock options could be repriced down to the current bargain pps levels. Cortex would then be highly receptive to every M+A offer, and a quick double/triple would be possible. As it is, the current incentive is to run the company into the ground while desperately swinging for the fences.