On 9/26/08, I BTC 6 GM Dec08 12.50 Puts and STO 6 GM Jan10 12.50 Puts for a net deposit of $1174.99 in my taxable account.  My basis for these GM shares if assigned would now be 7.89.

With GM at 9.14 as of this writing if it is assigned to me right now I could sell it and still make a profit.  Actually, I would like for that to happen.

The reason for this trade, of course, is to raise some additional cash in my taxable account and to attempt to defer the potential assignment of the stock.  There’s no guarantee on the deferral though.  At least if it does happen I have a little more latitude as to whether I keep it and sell Covered Calls or just sell the stock.