GM is making a run back towards $1 per share, down 7 cents to $1.05, ahead of Monday’s bankruptcy deadline. GM June 1 puts and June 2 calls are the day’s most actively traded equity options contracts early, as players jockey for position ahead of the news. More than 11.3K traded in both contracts. Implied volatility edged down to 411 from 417 and remains extremely elevated. At current prices, investors are paying 56 cents for the June 1 put, which has a potential payoff of 44 cents if GM shares go to zero.