The reality is, David, that when his option window opened, the assets became liquid to him, assuming they were worth anything.
As soon as the window opened, (2 years or so, as we were told) he could've cashed out and placed the difference elsewhere, if he thought there was a better investment to be had. Instead, he left it where it was. I guess he liked his company's chances. There's nothing wrong with that.
The way it actually went down, he probably would've been alot better off liquidating it 5 years earlier (in '05) and placing that money elsewhere.