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To clarify another concern, is the holder of the shares (or the party that is short the shares) on the ex-dividend date determined at the open or the close of the ex-dividend date? I didn't want to be short the Oracle shares regardless of the dividend payment obligation so I BTC immediately and re-established my short. I may have been short Oracle shares at the open but I covered before the close.

If your calls were assigned the day before ex-div, leaving you short at the open on the ex-div date, I believe you will be obligated to pay the dividend regardless of the fact that you covered your short.

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