### Comment:
&gt;no time value 
  
 You're right - wacky things can happen when there's no time value left.  I should have at least mentioned that part of what would have been surprising in the above trade is that this was happening in options that have an expiration two years from now.

### REPLY:
Lfin also had this characteristic. Generally when it’s expected to go down and borrowing costs are high is when there is risk free arbitrage

### END.