So I have a 1/16/2010 call option that was listed as a $5 strike before the reverse stock split (ticker UZLAA). I see they have listed new options since the split. Is this option now worthless? I thought options adjusted for stock splits?
No, your option is not worthless. They always list new standard options when a split/reverse split or some other corp. event takes place. The old ones just get adjusted and are no longer standard, but they still trade.
Because of the 1:20 reverse split, your contract now covers 5 shares. For details, you can go to the CBOE.com website. You can do a search on the 5 letter symbol or look under TRADING TOOLS and then CONTRACT ADJUSTMENTS (search for AIG).