I think he actually bought shares of another company for which...

I think he actually bought shares of another company for which he is a director of since.

At the end of the day, you really have to make your own decisions as to whether his non-conversion of 500,000 options is a "message" about the state of affairs of ZYL or not. I would think the current sell-off could be partly attributed to people interpreting his action (or lack thereof) as a real negative. Others will not read anything into it (his family interests would seem to be around 10m shares already, so it's not like there isn't already plenty of skin in the game).

But, yes, I sure wish he did exercise those options, as we wouldn't be dwelling on the 'if's, buts and maybe's" now.