They were 'in-the-money' options effectively and valued as such, would be worth around 25 cents per share to the holders at least - so they have certainly cost shareholders.
If they were really honorable, they would either take up the pref shares (cash for the company) or forgo the rights issue.
They convinced the market their ideas were worth tens of millions of dollars - be really great if they put some of their own millions to back up the ideas?
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