I sold 6 GGC Jul08 5 Covered Calls for a net deposit of $137.50 in an IRA account.

I had been chasing this one for a few days trying to get a price slightly above the bid.  It finally moved in my direction last Friday.

I was assigned these GGC shares at various times and prices.  My current basis, excluding dividends, for the lot is 22.99.  That sure sounds ugly with the GGC currently at 4.27 but as long as I can continue to sell Covered Calls and the stock continues to pay dividends I will continue to recoup my cost and eventually be ahead of the game here.  This is in an IRA account so selling the stock does not generate a tax loss for me.  In my opinion I would need to find another stock that would give me a greater return on the cash to be genereated from selling GGC than I am currently earning selling the Covered Calls and collecting the dividends.  There is apparently some risk that GGC might become insolvent, go bankrupt and I would be out everything.  At least on analyst has expressed that fear and suggested selling above $4.