Last Friday, 4/3/09, I sold 12 GM Apr09 3 Covered Calls for a net deposit of $59.00 in two IRA accounts.  That is 6 contracts for each account.  My basis for these GM shares is now 19.31 and 12.88 for the two sets, excluding dividends received.

Yes, I still own GM shares.  No, they are not currently paying dividends.

I have been sitting on these GM shares since Jan09 when my last Covered Calls on them expired.  I was waiting for some indication of where the price might go after they provided their recovery plans to the Feds.  As it turned out, I need not have worried that the price would move up too quickly.  At this point, I am basically taking a gamble that GM will survive the process with the Feds and that my shares will not get wiped out by a bankruptcy proceeding.  If I win and am patient GM could be a long term winner.  The alternative is obvious.