hpl alternatives alternatives handling lal echterhoff situation 1 give cash difference black scholes value one year three year options calculated termination date 5 31 01 analysis pretty total difference affected shares 165 000 1652 options far money time value de minimus 2 could cancel old options purchase open market options longer terms lowest strike price available january 04 leaps 30 term still quite long enough affected options strike price 15 20 alternative would need tax accounting sec research would cost 4 mm total 3 could purchase january 04 leaps strike price 50 ask cancel old options would cost aobut 2 2 mm still problem term syncing old options would give opportunity double dip value stock ran may 31 2002 would like due diligence three let know still recommend previously drafted email lal reiterating plan provisions prevail morally may correct would take exorbitant amount feel good money get improvements ranking best place work everyone knows enron come open efficiently darwinistic feel good anything want think apologize read agreements plan documents fine print caveats feel bad happened make sure right people sign sort thing future regards aaron