There is a Calendar Spread for General Motors with call options where it is possible to loose a small amount of money or earn a lot. Logically, in order to win it is desirable that General Motors waits to go bankrupt at least a couple of months.
It is quite reasonable that this will not happen in two months, since it has been proposed a swap of debt for shares at a rate of 225 shares of General Motors which yesterday closed at 1.15 dollars for every $ 1000 nominal par …