SandRidge Energy, Inc. (fka SDOCQ)

[Porgie Tirebiter]

A large part of the problem is current management remained obligated to finance deals made by previous management. Not the least of which was Tom Ward's golden parachute. There are also some considerable cash payouts to the preferred shareholders that have to be maintained.

The options are the best thing about Sand Ridge. A few years back when this was trading in the teens I bought the shares and bought puts against them (a neutral delta that pays off best if the stock falls) and made a little money that way.

Starting in Feb. 2013 I began writing puts until I owned shares and then writing calls and puts both. At June expiration all my shares were called at $7. I wrote Aug. $7 puts a little too soon and yesterday I bought the shares again at $7. I kinda don't like that but it's far, far better than having bought shares above $7 and riding it down. My "risk basis" in SD is below $2.50 so no worries (I hope).