This is a stock that I hate to admit to owning.  I own 1700 shares and Dec 5 and 7.50 calls all expired worthless in one taxable and 4 IRA accounts.  I own the stock at various prices from $8.47 to $9.10 after selling new Mar08 2.50 calls.  It is currently at $1.12 as of the close on Friday, 12/28/07.  (I just realized I’ve been saying Dec 08 on my earlier posts.  I guess I just can’t wait for 2008.  I’ll go back and fix them when I am through with this post.)  There are no options listed after Mar08 so I guess I’ll have to sell the stock after the Mar calls expire, unless I get lucky and am called away.

This stock started out as puts against a good dividend paying Canadian trust oil play.  Then the Canadian government went back on their word and removed some tax preferences for these trusts starting in 2010 if I remember right.  Anyway, this was not a particularily strong company anyway and I should have known better.  At the time I sold my first puts with a strike of $10 I was not too worried because even if they were put to me they paid .12 per share every month.  Then they cut the dividend to .06 per share every month.  Then, they cut the dividend.  So, now, it looks like I am going to realize a decent (if there is such a thing) loss in March.  Can’t win them all.