Yesterday, 4/13/09, I BTC 12 GM Apr09 3 Covered Calls and sold the underlying stock in two IRA accounts.  Selling the Covered Calls resulted in a net $1.98 loss on them.  Selling the underlying shares was a little more costly at a loss of 17,274.

What finally made me give up was what appears to be a greater than ever chance that GM will file for Chapter 11 Bankruptcy which would completely wipe out the common stockholders.  The 1.70 I got per share is better than the zero I would have gotten. 

Of course, as I write this, GM is up .13.  Who knows what is really going to happen.  Maybe the bankruptcy will not happen.  If not, then I may get back in at a lower price, because if the bankruptcy does not happen then GM will probably begin to slowly recover.  It will then be a new investment decision with a new, lower basis.  In the meantime, I can get the money working a little harder than it was with GM.