Alaska Communications options average a very thin 32 contracts per day, but have seen nearly 1500x that number today, with 48,000 calls on the tape as part of a strategy to capture the 21.5cent dividend on some of the 5550 outstanding October 7.5 calls. If the long-call holders fail to exercise their positions, a total of $120k could be ‘up for grabs’ to traders on the short side. Typically about 85% of the calls are exercised, in this case leaving about $18K in the pool– most of which will go to the traders putting up today’s blocks.