Subject: Re: Put ask price higher than Strike
It's a terrible company I don't want to own, I was looking to short it. But I'll agree to sell someone the right to buy their stock at $5 if they'll give me the $5 to use. We'll see how it ends up. If lots of people want to short it maybe some won't understand how it works.

What surprised me though is Vanguard keeps the cash to secure the put unusable for other purposes until the order goes thru. I still keep my money market earnings on the balance, but it doesn't recognize that the price I would get would cover the exercise requirements.