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I bought March SIRI puts back in December. And I was going to sell them to buy inside value recomendations. But I don't get this...

SIRI trades at $5.85 right now--$1.65 below the strike price of 7.50. That means if I exersised them right now, they would be worth 1.65 each And guess how much these contracts are worth?

$1.65. And it still has over a month of time premium left in it! Why then is it trading at the same level it would if there were NO time premium left in it? Also, if I keep the option until it expires, do I collect the money automatically, or what do I have to do to make sure I collect my money? (The option is in the money)

-Thanks!

-Z
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