Correction to the Caesar play on Monday.
I reprinted a reader play on Caesar (CZR) on Monday. There is a problem on that play the way it was described. Apparently there is a rights offering with a record date of Oct 17th that could cause one side of the spread to be executed and leave the writer with a loss.
See this PDF link to the Options Clearing Corp for the description. Option Clearing Corp
The rights offering could cause call option holders to exercise their ITM calls in order to receive the additional share of stock being offered.
If you acted on the reader play description please read the link above and take appropriate action.
Thanks to reader Mark for pointing this out.
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