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If the SEC had responded by producing documents showing that the pre-911 put options had an innocent explanation (such as a hedge made by a smaller airline), that would be understandable. not to mention inflated and overpriced. This optional element is produced only where it has been specified at execution time that the option wlll be settled into a single cash payment - for example, in the case of a non-deliverable option (although note that an Fx option may be contractually cash settled, without necessarily being non-deliverable).
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