GM 1 Strike Puts

It's in today's SEC filing. There is a trigger allowing for 2% of "new" equity to be given to "old" equity.

What will actually happen is anybody's guess...

 

I forgot to ask. How many did you sell? What $ are the puts now?

 

I'm short 100 Jun 1 puts which I sold for .45
Also short 200 Dec 1 calls which I sold for .35

 

This issue of GM stock should became an collector's item by June 2

 

IV continues to explode like expected. If you plan to go short puts (dunno why) then sell right at the close today.

 

Covered and out - this is clearly not going the right way.

Cheers and luck to all...

 

Link please.

 

Glad ya had it. I was only able to make 2 million

 

how about a death spike to screw all the shorts, where is that PPT?

 

Bought these for .31 cents a few months ago. The puts are now valued up to 76%.

I have never seen a pre-packaged bankruptcy, or any other bankruptcy, where the common equity wasn't screwed. I learned my lesson the hard way with AK Steel several years ago. Although, the shares never completely went to zero, it pretty muched tanked by over 93%.