Southern Pacific Resource Corp STPJF

It's been fun, but unfortunately it's lights out.

[nikehercules]

1st lien (secured)     $150,000,000.00     10%     $15,000,000.00     
2nd lien (secured)     $260,000,000.00     8%     $20,800,000.00     
debentures (unsecured)     $172,000,000.00     6%     $10,320,000.00     
                
                             $23,060,000.00     semi-annual interest payment

Cash on hand as of June 30th                 $34,000,000.00

STP common has less than 6 months left. With only 4 more ICD's being installed and Senlac decline, STP is headed to insolvency in the first half of 2015.

Does anyone else disagree?

[farmerman]

Well if they dont bowl into the market to get senlac up yeah its done. The decisons they have made???!!!!! There is money available there are plays 10 times riskier than this raising money even if its all flow through they need to get it done. I lost a lot here but I am still retired and the parade needs to live with this on their resumes.

[ShatnersRug]

Spot on. Frankly, guys, for those of you holding out for greener pastures ---> don't. When the numbers are released at the end of September, the common shares should drop down to 1 or 2 cents. There really is nothing to stop STP from going bankrupt now. If by some freak of nature the share price reaches 10 cents, I'd suggest you liquidate.

[Joelzinho]

Ugh, this is a rough one to take on the chin.

[farmerman]

Theres been lots of name calling with respect to management and talk of compensation. If tommorow all the insiders have sold their stock it will be time to call for resignations and to seek compensation. Yet if there is buying by management then what. I think the thing to do is anyone on this baord who is unhappy signs a letter (we can use that hotmail account for it) then we send it in demanding

[himmler]

What makes things very difficult to calculate as well is the fact that we have almost 400 million shares out with no way to evaluate production numbers.No wonder noone wants a piece of STP.And the debt clock will be ticking louder and louder weekly.To bad Canadians are generally honest folk...this would be the perfect play to dump in some Chinese 'white knights" lap. Revenge for selling

[freedom45]

watch the Insider trading next little while. They want to release news late September to give them a clear opportunity to announce what IS or ISN'T going to happen beyond that. They will know the true fate of Mackay by then. I have stated all along I want them to go it alone as an all or nothing investment. I have my wish and now will see what LUTES is really made of. His career (which had