all in what? selling puts? you have to understand that this is like a biotech stock awaiting a decision on a drug approval. june 1 comes and gm files for bk then the common is worth 0. further the common is trading at these elevated levels because it is not shortable. if it were shortable then we would likely see the price closer to what the options market is implying.
And it won't be shortable. Even after June 1, stock isn't just gonna go to 0, otherwise it would already be there as we already know that they will be filing for BK. There is no doubt there.
http://www.bloomberg.com/apps/news?pid=20601087&refer=top_news&sid=a26dHH0N6LvY The article doesn't say anything about current shareholders getting anything... So if there are no shares to sell I wonder if my puts disappear...