France telecom is second only to Deutche telecom in their inneptitude and propensity to buy at the top and sell at the bottom. The Europeans have a penchant for this type of thing. There isn't a put and the guys at CCI basically retired 4% of the outstanding shares for a price of $ 2.17. If there had been a "Put"...isn't the intention of such a thing to protect yourself? Not much of a put structure when you sell out at a price below market...! It will turn out to have been quite foolish on the part of the French telecom monopoly ....and quite accretive for the rest of us.