Well, only have 2k of FLM and had sold Dec 7.5 covered calls last week to lower my cost. Then FLM slowly edged down and the covered calls I sold were half of what I sold them for. I was going to wait until next week to buy them back cheaper and sell the 5's. When I was looking at the Apr 5's, I noticed someone had been selling calls on the bid. Not good. So I decided to buy back the Dec 7.5's and sell the Apr 5's. I consider myself lucky to have sold the Apr 5's for 2.15 and if the calls get exercised for 5 bucks, that's OK with me. Still walk away with at least 2.50 share profit overall.
I think someone knew the SEC announcment was coming out and sold the calls naked or covered for a quick play. I just got lucky and noticed the activity.
Funny how the shorts and hedges always have the "inside" information.