NBG got hammered on news that it was having a secondary. My long play was the Jan. 16 calls with a 10 strike against the Jan 16, 5.5c short calls. In other words, sell the 5.5 to pay for 3 10 calls (plus a credit). The dilution makes it less likely that a move to 10 is likely.
Although my original theory was wrong and had I taken a stock trade I would have been run over, I made some money on the spread. This a reason why I like ratio spread -- you can be very wrong and make money. If you are very right you make a lot of money... as long as your not just kind of right.