LONG ATPGP (ATP Oil & GAS Preferred stock) Yielding 16% + 11.25% Face SENIOR BONDS (ATP Bonds Cusip # 00208JAE8) vs DEEP OUT OF MONEY PUTS = Company either Bankrupt, puts save you, or debt keeps paying, you can slowly cover your puts for cheaper if the company keeps performing using dividend proceeds. Very nicely hedged, little downside apparent because assets of these guys at current oil prices at a bankruptcy auction are going to be bid up considerably. Oil is at $110. They have a ton of it and some top of the line technology (link to octagon review) They have some awesome real estate for deep oil gulf drilling as well as a potential home run in Israel's off shore Natural Gas shale.
Trading pink sheet securities are NOT regulated like NYSE or NASDAQ listed securities. You are not due a fill even if the stock trades below your limit order. It's the Wild West out there, you have to be extremely careful, or you WILL GET BURNED. A market order will nearly ensure that you receive a price 10% higher than the previous print. Only use limit orders when trading pink sheets and never enter your entire position in one trade. Patience will help you achieve a good average price. Buy in 1/3 to 1/4 increments of what your total preferred exposure would be, using time to gain a feel for the trading style of this lightly traded preferred.