Since there are no AFFY shares available to short, the put holders need to buy AFFY shares to maintain short positions instituted by holding puts. IMHO that is the reason for the price rise. There is some opportunity for AFFY longs to profit here on a trade. IMHO just do not be suckered into an AFFY buy and hold "investment" and become a bagholder.
Only post of yours where you actually share real information. Too bad no one else here understands what happens when you have a delisted stock with open options, and no shares available to short.
American options are settled with shares, not cash, so any put holder who would normally plan on letting their broker exercise the in the money put, needs to buy to stay short.
Everyone else who replied should reread this and use google if you need to research it more.
Seriously... Put holders are buying so that they can stay short, huh? Wow. What color is the sky in your world, GWP?
Meanwhile, AFFY closed at $1.17/share today. Keep up the great work, Weenie Boy.
Sentiment: Strong Buy
so i missed the lesson on how this works: you think that someone holding a put right now is obligated to buy shares above the strike price why? Who would force them to buy shares, and what does buying 100 shares when you have a put get you?
It gives the in the money put holder the opportunity to stay short. Otherwise, the holder of the in the money put would have to buy shares to close the put trade should the holder take assignment because there are no shares left to short. That is what happened to me at TD Ameritrade when I held 940 in the money $2 puts and took assigment. They forced me to buy after assignment to close the trade. If I had bought AFFY before the assignment I could have maintained the 94,000 shares short position.