On January 29, the Chicago Board Options Exchange, Inc. (CBOE) extended a temporary rule amendment that provides for “cabinet” trades, referring to trades in listed options that are worthless or not actively traded, to take place in open outcry at prices of at least $0 but less than $1 per option contract. Absent the amendment, the minimum price of a cabinet trade would be $1 per option contract. The CBOE believes that allowing the lower price range facilitates the closing of options, particularly given recent market conditions which have resulted in many series being out-of-the-money. The rule amendment was operative upon filing with the Securities and Exchange Commission and is in effect until May 29, 2009.  

http://www.sec.gov/rules/sro/cboe/2009/34-59331.pdf