Well, this trade taught me a thing or two. Sold GM June 1 Calls at 34 cents, 29 cents and 10 cents for an average price of between 23 and 24 cents after commissions. On June 9th, I got assigned on the calls which means I sold short GMGMQ at $1. Of course I couldn't find any borrow so the margin department said they would buy me in on settlement. I held the position for 3 days then I bought to cover the stock at $1.10. So, luckily, I made about 13 cents per share on the trade. What lessons did I learn: #1 after GM went to the pink sheets, option trades were closing only, so I couldn't roll my short June calls out to July. #2 on American style options always prepare for the possibility of being assigned. #3 Roller Coaster stocks can get very wild. GMGMQ recently traded as high as $1.75 and closed June 20th at $1.30. Definitely not a game for those with weak stomachs. When the borrow is very tight and option trades are closing only, the stock price can move quite dramatically.