Why would he shell out $337K of his own money to exercise 750K options?  I realize there is some tax benefits by doing so at this low price relative to the exercise price, but is the tax savings enough to offset putting that much money at risk?  It would seem to me that either the tax benefit would have to be quite substantial, or the risk is not as great as we suspect.  Clarification of what Flowers stands to gain tax wise might put into perspective how bullish we should view the exercise.   Anyone else have any thoughts on this?  Opty