Southern Pacific Resource Corp STPJF

Is this thing dead

[canada110]

This baby dead money now?

[Pandora]

Could be all over but the graveside service ... you get to throw a bit of dirt on it, say a few words, and then walk away with nothing but memories. Been to a few this last couple of years.

[birdie22]

If that is the case  Credit Suisse giving them a new $150 million loan in March is absurd.

[bambus]

that's the only thing that kept me from selling whatever is left from my investment here birdie...

[wdr2]

It is absurd but now they own the company.Assets. wdr2

[bambus]

so they pretty much get their money back either way....

[birdie22]

Only a $ 150 million of the $1.069 Billion. If you remove all the liabilites ( $667 Mil ) there is a $402 million book value left for shareholders or about $ 1.00 per share. 

[monzie]

Unfortunately birdie, that number doesn't mean anything, the company is only worth what someone is willing to pay for it  They weren't able to get any offers even close to that number when they were trying to sell the company for nine months.  If I had to guess I'd say the best offer they received was maybe half of that ($535 million), which would have paid off the 1st and

[birdie22]

monzie, I agree with you 100000000%  that is why I am staying away from the Equity ( for now just a small position ).

[monzie]

The commons are definitely the most riskiest to buy, but if the company does survive and increase production significantly - they're also the ones with the most upside potential.  So it just comes down to whether you believe the company will survive in its current form or not and whether you have the stomach to place a bet on a stock that's been beaten to a pulp.

[rad10]

Rumours of my death appear to be exaggerated......................... Has STP annouced a default on it's liabilities??