I've been stuck with a leap position in GBX left over from the days I was experimenting with CSE techniques. I owned the stock, was selling calls against it, but then the stock just tanked. One of the CSE techniques of rescuing the trade involved exchanging the stock for a leap, and now I am stuck with 10 of the GBX Jan10_20calls. My cost basis is $8.84 and it is now at 0 bid, .30 ask. The leaps were purchased in March of '08. I haven't done anything with this position since last September except to watch theta eat away at it while the price of the stock continued to sink. Anyway, is there anything I can do with this position to maybe generate a pittance of income until it expires? Any ideas at all?
Thanks,
RFH
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