IBX Oppies, page-390

I've been invested in OAs for nine months now and follow them closely, I've got quite a few and can offer some observations.
They are more illiquid than you'd think - the price trails the heads price by more than the exercise price pretty much all the time. Selling any decent parcel will move the price down.
The fact you're buying 3.5c below 'market' isn't an indicator of free money, it's an indicator of the market price for the stock.
I've often thought that if I need to sell some I'd be much better off converting and selling heads as the apparent arbitrage never really disappears.
The options tend to give an indication of where the heads price will go (cart leading the horse?!). When the arbitrage gets excessive it's the heads that generally move back towards the options rather than the other way around.
If you're planning to convert the options rather than trade them then the arbitrage is not a bad buffer to have.
IBX is a tech stock that should be a success and even though I think management are pretty terrible administrators, I'm hopeful they can't ruin the product.