On 8/20/08, I sold 2 GOL Sep08 Covered Calls for a net deposit of $50.50 in my taxable account.  My basis for GOL is now 24.57.

I used to say that I have not owned an airline stock since back in the 1970s.  I would like to still be able to say that.  GOL has been a disappointment for me.  Of course, it appears as if the price of oil has been the biggest reason for GOL’s price decline.

I see that GOL is suspending dividends for the rest of 2008.  However in the same article I see a reference to Brazilian corporate law that requires a company to distribute a minumum of 25% of the year’s net profits.  If necessary, GOL intends to distribute a supplemental dividend payment at year end to be in compliance with the law.