GM 1 Strike Puts

Random.Capital · May 29, 2009

Quote from MustPlayOptions:

The article doesn't say anything about current shareholders getting anything...

It's in today's SEC filing. There is a trigger allowing for 2% of "new" equity to be given to "old" equity.

What will actually happen is anybody's guess...

LEAPup · May 29, 2009

Quote from TM1982:

Just sold a ton of these bad boys for .45

I forgot to ask. How many did you sell? What $ are the puts now?

TM1982 · May 29, 2009

Quote from LEAPup:

I forgot to ask. How many did you sell? What $ are the puts now?

I'm short 100 Jun 1 puts which I sold for .45
Also short 200 Dec 1 calls which I sold for .35

Daal · May 29, 2009

This issue of GM stock should became an collector's item by June 2

matgallis · May 29, 2009

IV continues to explode like expected. If you plan to go short puts (dunno why) then sell right at the close today.

Random.Capital · May 29, 2009

Covered and out - this is clearly not going the right way.

Cheers and luck to all...

VoodooMMI · May 29, 2009

Quote from Random.Capital:

It's in today's SEC filing. There is a trigger allowing for 2% of "new" equity to be given to "old" equity.

What will actually happen is anybody's guess...

Link please.

stock777 · May 29, 2009

Quote from stock777:

Are there any traders who haven't gone all in on the GM put free money trade?

Glad ya had it. I was only able to make 2 million

kinggyppo · May 29, 2009

how about a death spike to screw all the shorts, where is that PPT?

mililani · May 29, 2009

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 completely went to zero, it pretty muched tanked by over 93%.