If you are referring to rak's plan, Ezra, it makes perfect sense to me.

This has been my recent strategy:

Early in the year, I bought a bunch of Jan 2004 $5 strike options, thinking we'd know one way or the other by then. Then I heard that the warrants were publically traded and that they didn't expire until Feb 2016, and, around the same time, began to really doubt that Jan 2014 was going to be enough time. So, I bought a bunch of warrants, and haven't owned a single share of stock in quite some time.

I'm ready for what I'm hoping happens, that is an approval sometime in 2014, and some chance for the public to realize just what a money maker Afrezza is. I'm sure nothing but nasty things will be published right after our approval, assuming we get it. So I wanted some time to let that maelstrom of negativity die down and positive developments to take root.

However, I also have sold from time to time a lot of naked puts, some for $2.50, some for $2, and even some for $1.50, so I really would like the stock to stay above $2.50, but that's going to be tough.

Finally, I've sold some $3 calls, September, November and January expiries, and even sold some Jan 2014 $5 calls, which, somewhat ironically, is what I was buying long early in 2012, before switching those out for the warrants.

There are also some helpful strategies to employ as a PDUFA date nears, but that's so far into the future, no need to discuss them now. But they did save me some money when that lousy, second CRL hit!

I've done okay with MNKD. I have losing strategies on other stocks, I'll share those, too, if you want to know! LOL!