Ann: Exercise of Options Raises $2.45m, page-24

While I sympathize with those who lost out, the fact is that at issue time the option had a risked value that started at 0 (zero!) up to what the risking party believed they were worth, at the time. It is not the responsibility of the management to protect those holders right through until exit point.

Everyone who bought in was choosing whether they thought they could make money with the same risk as those who bought the head share at the same point. Both have ultimately lost similar amounts (usually the op holders put up less)

It is hard life.