The following is the OptionBT sighting of "George, Is that You?".
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Title   :   "George, Is that you?"
Position Description   :
     Position taken   :     September 20,2002
     15 Months out,
     naked short Calls for "credit",
     short calls out of money by 355 points.
     Sell 03 Dec 1100 Calls (12625 cnt).
     Expiration/Settlement    :    Dec 19,2003 / Settlement = 1091.61

Count   :                            12,625 Calls
Credit or (Debit)   :            $23,987,500
Margin   :                          (my broker would ask me for $22,680 for each of the 12,625 short calls).

Results   :                          +$23,987,500 (since all out of the money calls expired worthless)

Comments   :  "George, Is that You?"

Only someone like George Soros would have enough margin to put on this position.
"George, ....... Is that you?".

"George" will not necessarily hold the entire position until settlement (December 19,2003). More than likely this position will be drained off a piece at a time. "George" has put his spear in the sand almost a year and a half ahead. The amazing thing is the accuracy of this call. The SPX closed just below the mark "George" set. The other amazing thing is that he got $19 ($19 x 100 = $1900) apiece for the 12,625 03Dec1100 calls.

After he established his position on September 20,2002 the 03Dec1100 calls briefly reached 27 Bid and 30 Ask. This is significant because in these large positions far out of the money there has to be a "win win" somewhere. The buyers have to have a reason to buy what George has to sell.

There were two large volume days that could be where "George" might could have been found covering (buying back) his short position at prices much less than the $19. The first day was May 13,2002 where the Last Price for these options was $6.50 and the volume was 6803. The next day was August 18, 2003 where the Last Price was $8.00 and the volume was 6556. It is certainly speculation but these two days are likely candidates for the winding down of this large position.

Whatever the final total of what "George" really took home we won't be able to say, but for sure "George" had a good year and deserves our congratulations for showing us that all the stress of a giant naked short position is worth it.
If you win that is.

The other more significant discovery would be if these giants could somehow be considered indicators.

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