help me with an options trade

Ok, I know absolutely nothing about options. Someone placed a trade in my mothers account for 1 contract of some stock some time ago. She got an email saying its going to expire soon. I guess I need to get out of it? The last trade on it was 8/17/09. There's no bid price. Is there supposed to be one? I tried to Sell To Close at market but the order was rejected. How do I get out? Do I need to? The platform is Questrade

Ok, flame away at my noobness...

 

what the details on the option. stock,strike, month ect.

 

the only details i see are

Symbol Qty Avg Price Last P & L % Market Value
TCMVH.MX 1 1.45$ 0.20$ -135.95$ -87.175% 20.00$

the rest i don't know

 

You tried to sell to close and the order was rejected?

Are you sure you are long this 1 contract?

AZD

 

Maybe not? She is also long the stock. The person who originally set this up is no longer around.

 

Is the stock Tycom Ltd? What is the symbol?

 

Perhaps it might be best to call the broker directly.

We don't have enough details.

If you are long the contract and there is no bid, there is nothing wrong with letting it expire.

However, if you are long the contract and something dramatic happens in the next 2 days and it ends up being in the money, you will likely get auto-assigned.

Again, without additional information, it's best to call the broker and learn all the details about this position.

AZD

 

TCM - Thompson Creek Metals


Ok, I just found a paper statement saying

PUT -100 TCM OCT@11
OPENING TRANSACTION
EXPIRES ON OCT 17,2009


thanks for the help guys

i tried calling earlier. was on hold for 30 minutes before giving up

 

From what you wrote, it looks like you are long 1 contract at a strike price of 11. With the stock at 13+, it appears that this contract will just expire worthless.

It looks like someone bought "protection" in August for your existing 100 shares.

Your were on hold for 30 minutes? It sounds like someone's customer service could use improvements.

AZD

 

Haha ya.

So there's nothing I should worry about right? Her buying power is only 8 dollars but she has a few thousand in positions. I was worried they would liquidate some of her other positions or margin call for the assignment. I don't have any experience with retail firms so I don't know what they do.

I appreciate the help. Thanks.