### Comment:
I'm confused though, couldn't your puts still expire worthless?  Meaning you'd be down .75 in this case.  The dumb part to me seems to offering the ITM call legs for net $4.6 when you can get 5$ each from them.

### REPLY:
They could, but the theoretical counterparty could just sell the put spread in the market right now (for around $2, last I checked) if he's worried about that. That's a somewhat separate risk management decision.

### END.