I almost hate to admit it but I own some CFC stock.  Actually I own 200 shares of CFC.  I had sold some $40 puts about a year ago and thought I could keep rolling it out to outrun ever having it put to me.  Unfortunately, I couldn’t run fast enough.  Excluding dividends, I own CFC around $36.  I don’t know if they will be able to continue paying the dividends but I do think they will survive as a company and eventually recover.  In the meantime, I will sell covered calls on the stock.

The two contracts were put to me at different times so at the moment I have separate covered call contracts on each.  One expired in Dec 07 and I sold a Jan08 10 netting $51.50 into an IRA account.  Both of my contracts on CFC will now expire in Jan08 and I will write a new contract on the pair if I don’t need to roll them out earlier.