circ_You know the math of these deals much better than I want to know them. I "think" your response was fair. Let me ask you about this statement:
"At the time the stock was trading at $45 since that was when it was issued. If they issued it as shares, they would have issued like 330K shares"
You have adjusted the pre split share price of $4.50 to $45??? This seems fair as far as it goes. Would it not be fair to use the Market Cap equivalency/share float to draw a much less onerous conclusion? What I am suggesting is that the 330k shares value back then has been diluted and as a cost to the company (if framed in percentage of market market cap or percentage of float) would have been significantly more valuable than the same number of shares today? in today. Perhaps even 3x more valuable.

I agree that you have made good points. Sorry you find my posts so objectionable. But, as you well know this whole game is not a popularity contest. I hope we can all contribute to the board knowledge by sharing our study results.