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To: RockyBalboa who wrote (91166)	10/2/2007 9:56:05 PM
From: Lizzie Tudor	Respond to of 306849

no Midland, unless you are granting stock at effectively 90 strike prices throughout the quarter(30 days x 3 mos) you are/were in violation. Don't believe me? Go check your hire on letter and strike price for you and all employees. I guarantee your options were not priced the day you started work. They can't be- too much paperwork. Doesn;t matter now because you are expensing as all companies are with SOX. The irony of this is that for companies that chose a grant date in the middle of the quarter and backdated, they reported their options as "at the money" using black scholes in the footnotes of the income statement. Had they recognized these as "in the money" they needed to be expensed in the income statement using "variable accounting" which is more forgiving expense wise than BS, so companies engaged in this scandal actually overexpensed in real terms. BTW now that you know this what do you think about ESPP plans do you think those are also fraud? They have the same backdating characteristics, and no expensing.