Ya.. who knows... call is a good way to play what's on the news today if you beleive the market is overreacted .... Best luck.
Uhhhh I hate to burst your bubble but when it seems like every news agency in under the sun is circulating rumors that LEH is in trouble, any call options are a gamble. Shit one could make the case that call options that far out of the money, expiring in a matter of weeks are always a gamble. There are rumors flying all over the internet...saying LEH is the next BSC etc etc, but no one really knew about BSC. Besides I tend to believe the opposite of what everyone thinks. Ill probably lose the money yea, but who knows maybe LEH comes out with information that completely exonerates them...that could cause a pretty large short squeeze. Its a gamble.
I sold my last put today and bought a vertical spread (+30, -33) on June for the call side ... The vol is just so goddamn high it makes it hard to justify buying outright calls. The co has a 6B larger cash position ... The news is too public. I'd be willing to say making the bet that it won't be a collapse is likely the winning one from here. (just don't pay too much for vol, because you could be right and still lose $$$ that way ... this may only move to 35, since dilution might occur regardless)