Hi To ALL! Perhaps you have an insight that I have not considered on a recent exercise on KKD My trades were a call ratio credit backspread. Here is how it goes: On one leg I sold some KKD Jan 05 5Calls a few months ago and someone just exercised 3 contracts. They exercised these contracts while there was about $100.00 time value in the contracts which they left on the table. My question...Why would someone do this? 1)..If they thought the stock was going to continue to climb there was plenty of time left in the options and the options have lower risk than owning the stock. Why would they not have sold the options and captured the TV? Plus the costs of double transactions if they wanted to exercise then sell. 2).. If they thought the stock was going to stay flat they have a time cushion from the TV and lower risk with options 3).. If they thought the stock was going to go down...Why would they call it to them. Again increased risk. Perhaps some of you have some thoughts that I am missing or not thinking of.