On 7/31/08, I BTC 10 LVLT Sep09 5 Puts and STO 10 LVLT Jan10 Puts for a net deposit of $569.00 in my taxable account.  My basis on LVLT would now be 3.84 if LVLT is put to me.  It closed today at 3.11, has been as high as 4.50 in the past two months and above 3.50 several times in the past two months.

I don’t really want to own LVLT especially in my taxable account which I am working at improving my cash to possible liability ratio.  I thought about rolling out to the Jan09 5 Puts but decided to just get as much cash as I could on this transaction.  It is just possible that I could make some money when my LVLT trades are all said and done, or at least break even.  It doesn’t appear as if additional options for LVLT will be offered after Jan10 so, unless that changes, I will need the stock to move up if I end up with it.