I found it interesting that when Dave was asked about the...

I found it interesting that when Dave was asked about the November options he skirted around it a bit. He said that:
- most of the options were his (correct)
- they were slightly out of the money
- he would invest what he could afford
- he wasn't rich (he is compared to me)
- after the rights issue (so before the options expiry) he'd have invested $750k so far into 88E

But he gave no indication as to whether he could afford to convert any options.

My thoughts are that he will convert some, but not many. Just to show that he has faith, but I've got a feeling that there will be people who will not be satisfied with that and come out and criticises saying that if he had faith then he'd invest more. But if 88E succeeds he'll make a lot of $ anyway and in case people didn't realise it is not easy to raise cash out of nothing for personal spending on shares (and we don't know anything about his financial circumstances).

So my thoughts are that the timing of the rights issue needed to be before the Nov options conversion period in order to not have any negativity as I don't think that they (many) will be converted.