Open call options
This could be a problem, IF the existing common shares somehow survived long enough to force the call writers to have to do something about the losing position, providing the stock price stayed up.
The problem is that the shares are going to be cancelled any day now so the call option will become worthless since there are no shares to be delivered anymore (or any delivered shares will have a value of zero).
There is no reason for anyone with an open call position to bother closing the trade, they can just let the options expire worthless when the stock is cancelled. For tax purposes, the position will probably be deemed as completed or closed when the shares are cancelled and the tax on the profit due in that tax year that happens.
Louis J. Desy Jr.
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