We’re long 800 shares with a cost basis of 14.27 against eight January 34 puts held for 0.77.  Offer the puts to close for 0.43, but raise the offer to 0.49 if the stock is trading 38.25 or lower.  These puts are criminally manipulated, as far as I can tell, so I’ll further recommend that you pull the order if it hasn’t been filled within ten minutes of the opening bell. _______ UPDATE: We did nothing, since the puts traded no higher than 0.35.  Stay tuned, since we may try again later in the week or early next. _______FURTHER UPDATE (3:21 p.m. ET): In the chat room, I’ve recommended closing out the puts for 0.38, good for the remainder of the day.  (Closing note for Thursday:  The puts were 0.38 bid in the final minutes of the session, so I’ll consider the order filled. They gave us protection when SLW was falling hard but have since outlived their usefulness. The 0.38 these options cost us will be added to our stock price, giving us a new basis of 14.65.  The next time we short into a spike, we’ll use call options, not puts.)