No can do mate. The time frame to convert is to slow to take...

No can do mate. The time frame to convert is to slow to take advantage of the arbitrage. Options purchased from last 3 days would be break even or underwater with today's current preopen buy at 48.5 cents.
Further more people who buy options load up taking advantage of the arbitrage but rarely leave the extra to convert. The greed gets em,
If you are up, say holding 10k @ 30 cents well why convert when if you have the money to convert you can buy more today at 39 cents and sort it out in a year. Options are a slippery slope.