administrators called in!, page-32

re: shorts are stuffed lover dominic:

I don't deal in puts.

Let's say the put writer promises to buy 1000 ION at $1.00.

Now, because ION's equity is effectively worthless, the buyer of the put decides to excercise his option. But this means the put option buyer has to buy 1000 ION (how???) to sell to the put option seller (at the contract price of $1.00).

How can the put option holder buy these 1000 shares with ION in administration?

Maybe it's possible to contact a holder and offer to buy their shares at $0.01? Not sure, like I said, I don't deal in puts so am interested to see how this would actually occur.