Although we both differ in opinion, I like what you said in your last sentence: "wait to see what happens with the '274 and how the stock reacts (if at all)".
IMO, based on the number puts being bought, if that's the case, we can see that the expectations are for a downside move. Stocks sometimes shake these one sided bets off and do the opposite of what common sense suggests.
One thing we both agree upon: VHC is a gamble, so options are the better choice rather than holding or buying stock (at this time). My largest stock holding currently is XON and I totally respect a poster there (Rob Cos) although he sometimes seems to be pumping various positions and has his share of mis-steps (CRMD). Since I have been reading this board, I find that he has consistent faith in R. Kirk and his support of his babies; he buys stock (huge positions) and does deals. Form 4's always are buys, no sells. I made some money following Frost in OPK and made out well (not on IV). My only warning to investors here is to be careful of stocks high on the IV popularity poster; they all get hit by hedge fund selling frequently