wm options, when can i get my money?

Discussion in 'Options' started by newguy05, Sep 26, 2008.

  1. i have some nov puts as part of a strangle that i want to cash in.

    but it says the stock is no longer trading, and optionsxpress wont let me sell the puts. When can i get rid of those contracts to get my money? the support just says the stock is not trading so options are not either.

  3. MTE


    What are you talking about? The guy had a LONG put!

    By the way, I don't know the answer, newguy.
  4. "JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders"
  5. I don't know the answer for sure, either, but suspect the puts are worthless since they can no longer be exercised because trading has ceased.
  6. lol are you guys kidding....

    also what about if you have a short position on the calls? so

    long nov put
    short nov call

    what will happen to them.
  7. NewGuy, unless Jesus comes from the Heavens and brings WAMU alive, there is no more WM - trading halted at 0.00 at 9:40am...I guess anything is possible
  8. Jachyra


    I actually don't know the answer so I'd be interested in getting an official answer from someone who actually knows what they're talking about.

    My initial inclination at first was that since all trading has halted and you can't offset your position you'd have to wait till the option expired to get the credit to your trading account.

    But if you think about it, a long put gives you the right, but not the obligation, to put the stock to someone else.... well how can you put the stock to someone else if that stock doesn't exist anymore?

    So now I tend to think that you've got the same problem that those people who are long the stock are in... out of luck.

    But I don't know for sure... thats just my rationalization.
  9. #10     Sep 26, 2008