Doc....Actually, I just got off the phone with my ex-partner (broker). He spoke with an options trader who says it IS some sort of dividend capture "game" that hedgies and others will play. He added that the CBOE will not allow these kinds of trades, but Philly will. (for whatever that is worth).
Look at the open interest contracts. They are less than the daily trade volumes which indicates to me that the people who sold the contracts are buying them back to cover and close. That is why the stock is being tanked, to get a lower option price to cover. This happens every month like clock work. Stock should recover next week.