The following is the OptionBT sighting of    "Uncle Loey".
Go to Description Section
Title   :   "Uncle Loey"      Position taken   :     March 02,2001
Position Description   :
Three Weeks out,
Bear Vertical Call Spread for credit,
241 points out.
Expiration/Settlement    :    March 2001 / Settlement = 1156.28
Count   :                           2000 pairs
Credit or (Debit)   :            + $10,000
Margin   :                          $ 10 M
Results   :                          + $10,000

Comments   :   Uncle Loey

It's not even close to being obvious how "Uncle Loey" got anyone to take the other side of this combination even for 5 cents and 10 cents. There are only three weeks until expiration and the position is 240 points out of the money for crying out loud.

About the only explanation that makes any sense is that maybe "Uncle Loey" let his nephew trade his account with $10M of margin in it so that his nephew could do this trade and make some money for college. "Uncle Loey" also had to get one of his buddies to take the other side of this trade.

It is not likely you or I could get this trade filled.
In the end "Uncle Loey" (or the nephew) took home $10K.


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