Managed to get myself out of this situation pretty good. I covered 1/3 at open (71c), 1/3 couple of days later (63c), and the rest at 55c, before it collapsed to 50c on Friday! Sitting on my hands and watching the fades would have been a much option. But I had to cover that 1/3 at 71c, the stock did not fade immediately despite negative news in the morning (30th Jan) & I was in way over size. My 63c covers, were not necessary. Sorry to see some good potential profits go to waste, but all in all a good lesson.
Open Trades Short
MAPP, MAPP (April $15 Puts), HUSA (April $7.5 puts), SVVC, VRML
Open Trades Long