This morning I was assigned 5 GGC Jan09 20 Puts in my taxable account and an IRA account.  GGC went ex-dividend today so I am not surprised that I was finally put these shares.

I then sold 5 GGC Jul09 5 Covered Calls for a net deposit of $70.25 for the two accounts.  Some of the Calls were sold at .20 and some at .15.  If I had just been a little more patient they would all have been sold at .20, but I was in a hurry because I needed to leave the house.  I own some of these shares at $14.98 and some at $17.42 after accounting for option premiums received.  GGC is paying a .08 dividend and is currently priced at 4.55.

I first heard of GGC from Jim Cramer sometime last year (I think).  It has not done well since then, basically trending down.  GGC is currently rated as a hold or sell by those analysts that follow the stock.  Recent news indicate a dispute between some GGC debt holders and GGC regarding GGC continuing to meet the covenant of the debt.

GGC seems to be adversely affected by the home building crisis because a number of its products are used in making vinyl building products.

Today I BTC 2 VCLK Mar08 30 puts and rolled out to 2 VCLK Jan09 30 puts for a net deposit into my taxable account of $160.98.  If I am put this stock my basis will be $23.74, net of premiums collected on the various puts.  This stock does not pay any dividends but it does have pretty good option premiums.  If it is put to me I will probably keep it and sell covered calls until it is called away.