The Atlantic covered this in July http://www.theatlantic.com/business/archive/2012/07/banes-plan-to-bankrupt-batman-doesnt-make-any-sense/260191/ http://www.the

The Atlantic covered this in July http://www.theatlantic.com/business/archive/2012/07/banes-plan-to-bankrupt-batman-doesnt-make-any-sense/260191/ http://www.theatlantic.com/business/archive/2012/07/banes-pl... 1. The exchange would likely reverse/cancel the trades 2. Puts protect the buyer (Bruce Wayne) against losses (resulting from prices lower than the strike price)