I hate to say it, but I think SPPR should consider a rights offering or something similar. I'd hate to see it so far below book but at least it wouldn't hurt the current shareholders who could put in more cash.

If you sold enough stock to cover the 2010-2012 maturities I think the company could focus on improving operations and the stock itself could finally begin a meaningful recovery with a more proper balance sheet.

And the next time these guys start doing acquisitions, I'm selling first and asking questions later.

Now under water with a $1.70 basis.