Quote from riskfreetrading:
My reason for rethinking it is that if price of the call were to be infinite, then one can make covered writes (which will be at a net credit if call price it too large/infinite) and use the net of this position to acquire additional stock. Which means that one can control the whole underlying starting with 100 shares and repeating the process.
Infinite? You are using covered writes as an example of arbitrage boundary?! Yes, you need to re-think. I think it will be for long time.