Erin Energy Corp (ERINQ)

[NonGolfer]

Yes, and we finally have some options action. Not much, but market makers are definitely setting the bid and ask, and hiding the real inside. I managed to get 3 May 15 $5 puts sold for a buck. Not much, but 300 bucks when the option expires worthless in 17 days is a pretty good return.

Feels good to take a shorts money in this case. At a buck the buyer need ERN down to under $4 by 5/15. If we do have a significant drop, I have no issue with 300 shares being put to me at $5 less collected premium. I'd be in at about $4.

Basically for a long term long who is looking to acquire, if you can get puts sold it is an either/or proposition. Collect some amount of income on your equity, or get shares put to you at a price point you pick.