Lions Gate Entertainment said that its board had voted unanimously to reject the tender offer made by Carl Icahn to buy the company for $6 a share. The board called Ichan’s bid “financially inadequate.” Jon Feltheimer, co-chairman and CEO of Lions Gate, said “We believe that nothing has changed — the offer remains financially inadequate and still does not reflect the full value of Lions Gate shares.”

Yet, the same board claiming this offer is “financially inadequate because it does not reflect the full value of Lions Gate shares,” has no problem issuing management stock options at “inadequate prices.”

So, we’re just a little confused here at NFI. LGF’s Board, on one hand, claims that the share price is trading well below its ‘real’ value. Yet, at the same time, they have no problem selling part of the business to management at “financially inadequate” prices through stock options.