why wouldn't you exit on the biggest spike of all time in the VIX? "yeah I held with VIX at 50 because I wanted 80 in the next few weeks"? At least reconfigure your hedge if it is one, no?
They might restrike it, I suppose... The point of these teeny calls is that they're a hedge for an large long-only equity portfolio. Just 'cause VIX has spiked doesn't mean you don't need the hedges.