I think you've done what you set out to do, toothake. You didn't go out of pocket, but got some calamity insurance. I hate to jinx the situation, but I would not have paid that much for the insurance, as I do not think the chance of a calamity warrants that. I would have simply sold a bunch of Sept $11 or $12 calls, kept the money and not buy the puts.
I would also have a number in mind that if MNKD hits in the next two weeks (prior to announcement, of course), that I would sell some shares. Now that you've protected in the way you have, perhaps that's not needed.
I sure hope I'm wrong about selling some shares prior to the announcement, but if we got to $9, are we really going to end up above $10 after a successful announcement? Maybe, heck, maybe we'll jump to $15, but my gut tells me on a good to very good NR, we jump quickly, and fall back, all within the same trading session.
I'll tell you what, I've gotten myself in a position where I would be taking a pretty good risk to sell any of my warrants, cuz they are covering all the out of the money calls I've sold. If I sold a bunch of warrants prior to the NR, and the stock jumped to, say $12 or more, I'd be in big trouble!! That would be hard to handle, hoisted on one's own pitard!
Although I'm very confident that the stock will not climb past $10 or $11 without a partnership announcement, I was also very confident that this stock would never have climbed as early as it did, and really as predicted by Trend. So wrong then, I surely could be wrong now.
