we lose due to mgt incentives n market?, page-2

Serendipity, as you said, the options are exercisable only if TXN shares exceed 150% of the exercise price of 70 cents (i.e. $1.05) for 20 consecutive days or more. Therefore, the shares wouldn't use to just 80 cents. They would be $1.05 or more, so mgt has much to gain from these options kicking in.

There might be some issue of being able to sell 6.6M shares quickly without dampening the share price. However, there would likely be a period (1-3 months?) where the market knows of a big payout and the share price will stay closely below that realized value.

You are right that mgt would have a minimum EF sale price in mind to achieve the option price threshold. Mgt probably wouldn't sell the company's main asset unless their options kicked in. But they would be motivated to sell more than EF if EF's price alone wasn't enough to activate the options. Also, they have until May 2016 to make this happen, so would be motivated to hold back while continuing to build assets for future sale.

asf's post today provides an interesting example of DMG (Dragon Mountain Gold). A week or so ago DMG paid shareholders 44 cents dividend and 11 cents capital. Share price stayed above 50 cents for the longest time after news of the likely sale late last year. A week or so ago when the payout occurred, the share price dropped from 57.5 cents to 1.8 cents. The company is essentially starting all over again.