SBL,
On the numbers I ran the option conversion would have been value accretive for FPO holders, even if they had no options to convert.
Swordfish, I don't think the company was counting on the option conversion. Perhaps they have good reason to think they might be able to raise capital at higher prices than 25cents? I reckon that's a pretty good bet at some point within the next 3-4 month.
JT
the options......, page-3
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