What I am suggesting is that he hit them with a whopping debit and then initiates litigation. The gall it takes to cite "unfavorable prices" ... hence my "short puts are +delta" comment. It's a simple matter of being very wrong and not having the sense to execute on your own behalf. http://anasazi.umsl.edu/FIN455/Options/niederhoffer.htm Note the use of "innocuous" Don't blame the weather when you forget your umbrella.