The P's will probably survive, but I don't think they'll see anything in the $120-$240 range. P's normally end up with something, even when commons are totally whacked, but it appears you're expecting a premium that won't happen, IMHO.
Hope it works out well for you!
JJ
I am not a broker and profess to know nothing about trading stocks. Do your own DD. Buy, don't buy...sell, or don't sell at your own risk.