Suntech Power Holdings Co., Ltd.(fka STPFQ)

[prokopton]

"...and shareholders will be completely wiped out."

STP is my first bankruptcy play, so I'm not familiar the nuances. But as I understand it, currently only STP's principal operating subsidiary, Wuxi Suntech, is undergoing insolvency and restructuring. Almost every article I read out there makes it sound as though the parent company has filed for bankruptcy, and that is not the case at the moment. The parent company will be affected no doubt but that, IMO, has already been reflected in the precipitous decline of the pps.

IMO, STP will hit $.10 or $1.00 depending on what happens to the parent company in the coming days or weeks.

"Suntech Power Holdings Co., Ltd., the ultimate parent company of Wuxi Suntech, has not commenced insolvency proceedings, nor have any of the Company's other principal operating subsidiaries. The Company is not aware of any similar proceedings regarding any of its other entities."

http://www.4-traders.com/SUNTECH-POWER-HOLDINGS-CO-14497/news/Suntech-Power-Holdings-Co-Ltd-ADR-Suntech-Announces-that-Wuxi-Court-Accepted-Petition-for-Res-16564369/