short 30x OCT 2.5 straddle at $3.3 long 2600x stock at $2.65 break even between at $0.9 - $25. max loss if goes to 0 $5100. max loss above $25 unlimited. This thing has to be resolved this week, vol will come down. Took a loss of ~5k on the lehman trade, i just dont believe they will wipe out aig too right after leh.