With the stock significantly under the strike, consider the fact that buying a $2.5call of either year will result in a loss(present price of $.80+) of almost $1.70 if the stock goes up higher than $2.50. Yes you control 4x the Jan 09's and 2x the Jan 10's, but you're not going to earn that $1.70. IMO I'd rather control less stock at $.80 and participate in the $1.70 appreciation to $2.50 and higher than run the risk of having the call worthless or losing the $1.70.