Close the FIO options and take the loss

The story at FIO has too much risk even though we really believe there is upside potential in this company.  With the recent management turnover of the CFO and Sales Chief, a turnaround in progress by a new CEO, and downward guidance on future revenue we can't stick with the long thesis on this company.  I'd like to think our timing was just off on this company, but we won't make any excuses here.  We plain and simple got this one wrong and bought the growth story over the risks.  

This position also marks our first realized loss which we're going to take today by closing the March 2014 $14 Puts by buying them back at $3.90 for a 59% loss.  We are also selling the March 2014 $14 Calls for .70 cents for a 73% loss.  

If you wanted to stick with this position you would need for the company to get acquired or make massive progress and signal that to the market before March expiration.  That timeline is too tight for us to bank on given the current conditions and turnover at the top.