It's just the beginning for Spenda!, page-212

For 17 months to go (July 23, right?), and price 20% away from strike, you may get to $0.01 price for the call with a 50% vol. To get $0.018, you need something like 130%. It's just a number, it does not mean much in the context of an illiquid stock/jumpy stock. Difficult to say if they are fairly valued. If I was a market maker, I wouldn't want to offer them where I could be under water on a hear beat upon a positive news. And I wouldn't buy them just to see the intrinsic value collapse. I guess I am saying the bid offer should be so much wider. $0.005 - $0.025. Yeah, I wouldn't trade much, I know... It's really just a leverage play on a good news.