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Much thanks for all of the advice. That's what I did. I called the OCC to clarify things, and they basically said I should hold on to the puts, and that the stock should drift to a dime or nickel soon. Sometimes, you gotta ignore the static and go with what makes sense. The moderator should...

If you guys are unsure, just call the options clearinghouse: 1-888-OPTIONS. Hey Desert, if you're long the put with strike price of $1, doesn't that give you the right to sell it to the counterparty that sold you the put at $1? So, you're saying that as long as the common is traded in the...

Stock is now down to 1.87 in AH.

Cool, thanks for that. I figured the OCC would clear the transaction, regardless.

^^ HUH??? Not traded? What the fuck?

Oops, my bad. I thought you were talking about Solar FUn.

They just posted crap earnings, and negative outlook for the rest of 2009. I wonder who is buying this POS?

By the way, for anyone in denial: GM Bankruptcy comes on Monday. Following bankruptcy, GM will be dropped from the DOW. Being dropped from that index will cause mutual funds/ETFs to drop massive amounts of shares. GM will also be delisted from NYSE. Today's drop was just a warm up for...

Haha, that's awesome. I wonder how that will turn out? I mean, I wonder if you can buy a bunch of GM for pennies, then ask GM to issue you the stock certificate, and sell them on Ebay as mementos. You'd probably double your money.

Going short or long GM is/was risky. Buying options is a way to limit your risk. I stuck with my thesis that GM is bankrupt more than 2 months ago. It's bankrupt now and people are still in denial: the puts are no longer available to trade as of today. However, I didn't want to short the...

Bought these for .31 cents a few months ago. The puts are now valued up to 76%. I have never seen a pre-packaged bankruptcy, or any other bankruptcy, where the common equity wasn't screwed. I learned my lesson the hard way with AK Steel several years ago. Although, the shares never...