I have 100 put contracts that I bought for GM (to short GM stock via options) they expire this july I bought them for 24 cents (100 contracts) What happens if GM goes bankrupt? and the stock goes to 10 cents etc.. I could technically sell them for 90 cents each right? making a profit 6,600 dollars But what if the stock is delisted or frozen? will I be locked out and unable to sell these puts and cash in?