What we said:

Ashford University is likely to achieve accreditation from the WASC in July 2013. BPI shares are priced as though Ashford will not receive WASC accreditation and will instead have to comply with HLC's substantial presence requirement. While accreditation discussions are ongoing BPI's lawyers have advised against a share buyback, and BPI is trying to project an image of contrition rather than bravado. Under no such restrictions, we are long call options and short puts.

What happened: On July 11 BPI shares rose 25% after Ashford University received accreditation from the WASC. Our call options tripled; our puts became worthless.