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GM's old stock - hey, at least I tried :)

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July 14, 2009 – Comments (4)

So I got a call from my broker an hour ago and he says, "You know those GM puts you put in last night?  They were rejected by the market maker."

Well I got a good chuckle out of that.  I tried.  I put almost all my cash into Sep09 $1 puts at .45 (the last trading price) overnight, just on the hope that trading might resume in the morning,

It was a worth a shot right?  Anyway, I stayed on the line with him for a few more minutes to discuss the Genta reverse split and then we got back to GM and I asked him, "what about all those people that lost huge on their put contracts when it jumped 37% yesterday?"  From his answer, it sounds like they're S.O.L.  Ain't that some bullspit?  

Sometimes, when you're right, you're wrong.  Sure isn't fair, though.

David in Qatar

4 Comments – Post Your Own

#1) On July 14, 2009 at 12:39 PM, 4everlost (29.63) wrote:

Nice try!  It's still remarkable to me that investors bought that stock yesterday.

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#2) On July 14, 2009 at 12:42 PM, ChrisGraley (29.97) wrote:

Question, in Caps it was ended with the last sale price. Shouldn't it be ended at zero?

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#3) On July 14, 2009 at 1:32 PM, outoffocus (23.35) wrote:

In this market everyone who is right is wrong.

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#4) On July 14, 2009 at 1:39 PM, TMFBabo (100.00) wrote:

ChrisGraley: I think the reason is that stocks can still be traded after they are delisted.  CAPS doesn't assign a value of zero because they can reach zero AFTER the delisting.

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