For income, if you have confidence pre-spinoff, take a look at shorting the May puts. They expire just before the spinoff, ex-div date will be around June 6. I just sold the 16s figuring that if I get the shares it will be at around 14.70 and I'll pick up the June dividend. Just an idea for the believers.
I also sold the June 16 puts today for $1.50 - I am holding a boatload of the stock, never sold a share, and my average price is below $6. I got shares in lieu of cash dividend when, if I recall, they were 2.67 (now adjusted down). This trade was simply in a tax deferred account where I am sitting on cash and I expect to keep the $1.30 for a nice return on the cash. If I do end up taking the shares - see my original post - I am reluctant to go beyond the June expiry as following the division of the company the options will also be adjusted and I don't want to bother thinking about adjusted options.