I guess these are all short CALLs and you didn't have any stop loss in place.
You have to assume VIX can go much higher:
38 in 1997
43 in 1998
43 in 2001
45 in 2002
There was no VIX yet in 1987, but I read somewhere that if it was in existance, it would have been over 60.
IMO, your...