NAT (Nordic American Tankers) reduced it dividend to 0.50 per quarter on a 30 USD stock. It did only lose 6 cents versus consensus 9 cents, but it is a stock mostly held for dividends by small investors. The crude tanker market is in the dumps and all the NAT ships are on spot charters. A very good short, yes? Also, it seems to me that this type of short is the type that provides economic benefit versus say pipe shorting by hedge funds. It was down 90 cents on 08/07 after cutting the dividend so I tried to short at IB. But when I entered the order, IB message was wait while we try to locate the shares. Therefore I tried shorting a few August 25 calls. I think there is a good chance it will be below 25 on Aug. 21, but I do not understand from IB if I can let the options be exercised and then buy back the shares. Record date for the dividend is Aug. 21 so no matter what, if NAT is above 25 on expiration, the options will be exercised. I think bid/ask spread is starting to widen. Is there something I am missing assuming my prediction that NAT will be near 25 in 2 weeks is correct?