Thought this thread might get some interesting stories. One of mine is: the day before NWA was going to decide to declare bankruptcy or not, options IV was flying. I couldn't pass that up so shorted some $5 sp/calls 3 months out, bought some stock at $2.00 + to cover some of the calls and shorted the $2.50 puts that were about 1 year out. The premium from the puts and calls more than paid for the stock. I figured they would declare bankruptcy, the calls would expire worthless, the stock would go down for awhile then come back up and the puts would expire worthless, or at least be worth less than the premium I received, and that after reorganization the stock would go up. It went as I thought with the stock dropping to $.30 then shooting up to about $7 right before my puts expired worthless. I also sold the stock at a profit . I say it was dumb luck because shortly after, NWA declared the stock would be worthless when they emerged from bankruptcy protection and the stock dropped to less than a penny. Any good ones?