So are you selling puts then? You need to do the puts or call, which are you doing? And don't say "staying away".. that's dumb. There is a trade to be had here.
And it won't be shortable. Even after June 1, stock isn't just gonna go to 0, otherwise it would already be there as we already know that they will be filing for BK. There is no doubt there.
Who knows. Could be a wide variety of reasons. I wouldn't worry about it. Just keep an eye on the stock in case it starts to head down and you want to cover. There won't be any huge gaps down though, it will be a slow drift. You will have time.