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alstry (< 20)

SPF misleading shareholders AGAIN?



March 07, 2008 – Comments (0)

They just filed an S-3 to raise $600 million.  Not only that they went as far to spend the cash to make it effective.  Last year they lost MORE than $600 million.  This year they are likely going to lose even more as conditions are much worse.  Do you think anyone is going to give these guys $6 dollars less anything more? 

Last year they made a similar filing around the same time and were only able to scape up a $100 million in the Fall and that was only after loaning millions of shares so institutions could make millions shorting.  That was so nice for SPF's shareholders just as SPF KILLED shareholder's dividend.  Then to add insult to injury, they bonused executives the millions of dollars they saved from paying out the dividend.  Now they are going to beg their bankers for the FOURTH time for forgiveness on their loan covenants on March 30th?

And think, some people thing WCI is in worse shape.  Sheesh.

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