On 8/20/08, (I’m only a week behind now ) I sold 2 LEH Sep08 20 Covered Calls for a net deposit of $44.50 in an IRA account.  My basis for LEH is now 69.10.

Since I am so underwater you can guess that I do not want LEH called away.  I continue to chip away at my basis each month while collecting the dividends that LEH pays.  It’s not great in relation to my basis but the .17 per quarter is about 5.06% based on current valuation.  If only my basis was closer to the current price of 14.78 where it closed today.