GM 1 Strike Puts

[TM1982]

Quote from mililani:

Give us 2 more weeks. We still got time. That's why I never bet more than 1% of my portfolio on options. You never know.

You need to dial 911. Stock is going up to screw all the 1put holders.

 

[Uncle_Ho]

Nah i covered those on the monday they came out with the bankruptcy deal, like last monday. I sold some stock against them but ended up taking a loss when they were trading like .56-.58

That stock reacted so wierd and when I realized it wasnt going to be an AIG or a FRE, I dumped them immediatly.

F*** you GM

P.S. I own a cadillac, and I'm getting all my maintenence now before all these dealerships go under. Take advantage of that warrenty if you got it.

 

[mililani]

Quote from TM1982:

You need to dial 911. Stock is going up to screw all the 1put holders.

Uhhh, nah, i'm staying pat. I went into the trade knowing I might lose it. That's why I went into the puts. Didn't know if the gov't would bail them out or not. I've got other trades to make up for the loss.

 

[mililani]

One thing I have learned is this, the next time you bet on a sure bankrupcty where the common will get screwed, go on longer dated options. The courts will deem the shares to be worthless. Once it does, you get a cash settlement on the options of 100x the strike price. That's insane. Happened to Lehman.