AMC Entertainment Holdings Inc (AMC)

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"Shot Themselves In The Foot" - AMC 'Messiah' Mudrick Battered By Bad Options Bet

https://www.zerohedge.com/markets/shot-themselves-foot-amc-messiah-mudrick-battered-bad-options-bet

As it happens that among that set of derivatives positions, Mr. Mudrick had sold call options on AMC stock, producing immediate income to offset some potential losses if the theater chain did face problems (or as some might say 'picking up pennies in front a steamroller'). The derivatives gave buyers the option to buy AMC shares from Mudrick Capital for about $40 (viewed as a seeming improbability when the stock was trading below $10).

In overnight trading, AMC started to accelerate above $40... and within minutes of the open the next day had screamed up above $70 - sparking a massive surge in the price of those 'sold' call options, leaving Mudrick with a major loss...