Options for Newbies -(Help Me Obi-Wan-Kenobe) Message Board

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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe)

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To: RoseCampion who wrote (1612)	8/21/1999 9:05:00 PM
From: Madpinto	of 2241

The CBOE said you must exercise the options by calling your broker. The August options did not get exercised automatically, and they expired worthless Friday night if you did not direct your firm to act. The CBOE claimed they could not automatically exercise the puts due to the trading halt and not knowing what price to use. I'll bet a lawsuit comes out of this from some poor guy with the 20 puts who assumed the options were automatically exercised and ended up with nothing.

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