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Dear Omega List,
Does this stuff only happen to me?
Uswb merges with Whit 1 March with 1 share Uswb for .865 shares Whit!
Position:
1. Every 100 shares of Uswb are now 86.5 shares of Whit.
2. Short 1 call option Uswb at 30. Did a "simple" covered call when Uswb was
at 29 (my cost base around 30) sold the 30 call for 2 7/8.
Qustions:
1. What do I do with 86.5 shares with an online broker that trades in lots
of 100??
2. The short 30 call Uswb becomes what? Whit closed 29 Feb at 45 3/8. Do I
get a short Whit call 25.95 (30 X .865)?? Just kidding.
3. How long can the OCC take to clear this.
i.e. Characteristics and Risks of Standardized Options page 53 says "OCC
has authority to postpone settlement of any option on any type of underlying
interest when OCC considers such action to be necessary in the public
interest or to meet unusual conditions"
4. Should I call 1-800-OPTIONS????
Regards,
Jerry Gress
Stockton, Calif. USA
trader@xxxxxxxxxxxxx
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