RE: RE: RE: Cash
The answer to this is pretty simple: They wanted the shares in a certain timeframe and within a certain price band.
If they exercise before the 31st of last year, they get the Bravada shares. If not, no dice. So they obviously saw value in the Bravada shares.
Next, if they wanted to come into the market and buy that much, it would have been too obvious and too expensive. They would have run the stock much higher than .60 cents.
While we would all like to see this, professional money managers are not in the business of making penny stock players rich, but instead make money for their unitholders.
So really the best thing to do to get the Bravada shares and get the amount of Bravo stock they wanted was to exercise the options.
Good thing for Bravo though...they have a lot more free money.