I agree. The NASDAQ and SEC are totally screwed up here. Stocks should be allowed to trade, period. If a company is all hosed up, the market should be allowed to decide how to price the situation, even if there is uncertainty.
The best thing to do is just go short, if you can find shares. Then you get cash in your account and you're good.
Even better is to sell deep-in-the-money calls. From a risk standpiont, selling volatility is much less risky than buying it. After all, what are they going to do with those calls? Exercise them and make me go short? OK, then I'll go short, whic his what I want.
Oh, but there are no shares available? OK. What do you want me to do? I already got paid my part (the huge options premium), so I'll just let the broker figure out how he wants to handle the situation, i.e., let me go naked short or let me off the hook (by letting the call go unexercised) ;-) Either way I'm golden.
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