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The Final Frontier

As you no doubt will have heard, Frontier Airlines Holding, parent of Frontier Airlines, has filed for Chapter 11. Frontier had been under the microscope for some time, but it wasn't until yesterday afternoon when a usually sleepy market for put options on Frontier's stock woke up, first with a spike after opening, and then right before the market's close.
April, May and August put options with a $2.50 strike price seem to be the new fashion in financial instruments.
Looks to me like someone(s) might have been more than a little bit naughty.

Frontier Airlines Files For Chapter 11 Protection [WSJ]