Found this. it may explain why walter lack would exercize options at a higher amount than if he bought shares in the open market:
If the employee wishes to profit from the stock option awards, the eligible options must be purchased at the agreed-upon strike price. For example, if an employee has 1,000 options with a $1 exercise price, the employee must pay $1,000 to the company to receive the underlying shares of common stock. The acquiring company may impose a deadline by which options must be exercised prior to closing. Failure to exercise the options may result in employee forfeiture of the option awards. There are many ways this transaction can happen. The employee can write a check to the company out of his bank account, the amount may be withheld from an employee's paycheck, the company may provide a bridge loan to the employee to be repaid when the employee sells the shares of stock during the acquisition, or opt to receive an adjusted number of shares of stock to compensate for the exercise price.
On Monday mornings, I start the morning off reviewing update on clinical trials. Then I view any SEC filings and found this:
Feb 5, 2013
LACK WALTER JDirector
Option Exercise at $2.92 - $3.97 per share.
I see that you got the scoup first. Reading stupid rory's reply to your post, it seems that he's not too happy with this development. It appears that rory's little make believe world is caving in on him. We saw the child like post from batzem, aka...rory. This guy just ain't all there. Curious, rory claims to live in Hawaii, what's he up at 3.30am his time, posting on this board.