for the options experts out there... i've got some sep. ITM puts on an equity in an illiquid (options) market, with an insanely wide spread. the equity itself trades tight with volume. HOWEVER...the stock is on the reg SHO list. my question (in general, more than my specific broker): can i do something which says "convert the puts to stock and cover instantly at the current stock price?" i don't care about not being able to hold them longer when expiration comes; i just want to know whether i can do it to avoid the wide options spread, or whether i should start piecing it out slowly on tues-thursday. i do not have huge volume on them. thanks.