Ann: Offer to RLEOA Option Holders, page-35

pippet, with all due respect, it's a flawed mathematical equation in this instance. The equation that i assume you are referring to is used to value a different style and risk profile option. If however you did apply it here and used an objective view to derive your inputs OB's come in >0.014 and inturn OA's >0.001. Obviously your positive opinion will attribute a higher valuation though. My point......using that value technique (and using it as an argument for/against) isn't really viable IMO.