. . and options holders saw no upturn in the near term, they'd probably have to buy shiploads of stock to fill those options. That's the biggest risk to their cash hoard.

In the last slide, they got into a real options bind. They couldn't revalue the options without angering other shareholders. They couldn't just let the options decay or they'd lose a lot of key employees and couldn't get new ones. What they did was double the number of shares held by options holders to keep the total value of the options up. That, of course, made the long term problem worse, but fixed the short term problem.

I'm sure they expected their stock to have recoverd by now. Instead, it faces the possibility of another slide.