if you havent closed the 5 atpg aug 13 yet i would actually go to plan b which is better,
buy them back around $.30 but sell the 5 jan $15 2012 in their place for $3 plus to generate about $1400 of cash and a $3 per share cost reduction on those shares in addition to the $.70 or $.80 you would have made on the closing trade.
a few further improvements can also be made. please advise.
time to take your profit on the 5 atpg aug $13 calls.
buy them back at $.30 for your triple on that closing trade and sell 5 sep $12.50 in their place for $.90 plus
once you do that trade i would buy back 10 more of your wifes jan $20 2012 calls for about $1.10 and in their place sell 10 sep $13 calls for about a $1
you should still have about $1000 cash in her account after those moves and then have 31 gnw calls for the sep expiry
21 ..$14 and 10 $13
btw big picture is she has 9100 gnw worth $13 or $118,000 and 1500 atpg worth $17,250 or $135,250 plus $1000 cash for $136,250
thats the same as her start when her 9100 gnw were worth $15 or $136,500
covered calls protected her downside which would have been a $18,000 drop if no cc were employed
real progress will be made when both gnw and atpg stabilize and starts to move back up plus the income flow that starts again in sept from new cc sales on gnw and atpg.
Bad advise. Divorce lawyers are for the most part, the scum of the earth.
They look at your assets and manage to extract exactly that much or more from your estate. Better to do it yourself and be nice if you want to get anywhere with your pants on.
in your wifes account, if you are looking for a decent risk reward scenario on her C shares, you might consider the 2012 $5 calls at $.60
$.60 is really 15% of the current $4.00 share price and still leaves you with a further $1 on $4 cap appreciation or 25% for about 40% if taken.
not a great fan of C but 15% in a retirement account isnt bad for 17 months or downside protection to $3.40 depending on how you want to view it.
btw, one thing about the c options is that the option volume is also huge with $.01 spreads on the bid ask being the norm making it easy to enter and exit the plays if you wish as circumstances change.
thanks for the update west
not sure how many shares of f or c you have but if you want to raise a little extra cash for her you can look at just doing the F jan $15 2011 for around .65 and unfortunatley only about $.17 for the c jan $5 of 2011.
dont know your cost basis on those shares but it really doesnt make a difference as todays price is their value.
i would suggest trying to keep about $1500 cash in here account to be able to adjust positions as required.
for now things look ok considering the mkt and the atpg results.
$900 in wife's account. GNW:
10 ATPG Jan 12 $15
5 ATPG Aug 10 $13
10 GNW Jan 12 $15
70 GNW Jan 12 $20
10 GNW MAr 11 $15
21 GNW Sep 10 $14.
11,109 Shares of GNW/1500 Shares ATPG
I have Ford & Citi shares as well
actually the decline is great.
here is what you should do this morning.
time the purchase of 600 atpg shares around $11.50 or so and immediately sell the aug $11 in the money calls as long as you can get at least a $.40 time premium..ie $.90
assuming you are taken in 2 weeks time you just achieved another $.25 price reduction in your $9.70 leaped 1000 shares.
fwiw within 3 weeks we can have your leaped shares down to about a $8 net cost
just follow my suggestions to get there.