I'll write this as a subsitute to a trade note until the trade appears in my list of certified trades so I can write an actual trade note on it.

DFR announced today that they will announce Q1 earnings on May 13th.  They have already announced that DFR has met all qualifications to maintain REIT status and that has already factored into the stock price.  What has yet to be factored in is the value of the holdings that DFR has and the possibility of future dividend payouts.  It was announced that there is $7.6 million in qualified REIT income from 2007 that needs to be distributed in 2008 or else DFR will have to pay taxes on it.  Quarterly dividends have been suspended, but there is a possibility that a special dividend (approximately $0.113/shar) will be paid out before OE.  The dividend amount is based on the $7.6 million that needs to be distributed.  Depending on how well DFR does in 2008, quarterly dividends could resume in 2009.

It should be noted that the delta is at .10, but I believe that will go up with the stock price.  The beauty here is that I only have $50 on the line for this trade.  What I'm really looking for is the IV to swing upward the same way it did with GOOG options.