It was nuts, because the penalties increased. To be able to stand up against the SEC for 48 hours he paid another $10m (compared to the original deal), paid the

It was nuts, because the penalties increased. To be able to stand up against the SEC for 48 hours he paid another $10m (compared to the original deal), paid the board $20m (in purchased stock), and lost the chairmanship for 3 years instead of 2. That’s pretty expensive for 48 hours worth of grand standing. There’s no way to cast the decision to fight and then fold in a positive light. It would’ve been much easier, and introduced far less stock turmoil if he’d just accepted the first offer instead.