MBL sell the put to and buy the call from them. The shares are a hedge, and provide MBL with no upside or downside risk. i.e Delta Neutral. They make their cash, through interest and fees charged for the service. I just don't like Directors taking out derivative contracts, that not only protect from downside, but also cap the upside. That being said, hats off to the Bassett brothers. They have created a brilliant company and deserve a decent reward.
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