Attention, those of you who own Suntech Power Holdings (STP): STP missed a bond payment back in March and is being pulled into bankruptcy. STP is now delisted from the New York Stock Exchange and is trading over the counter as STPFQ. At this time we must recognize the loss in the Snider Investment Method. To sell your shares of STP, you must place a limit order to sell your shares equal or a couple cents less than the current price.
We recommend these steps to close the STP position:
- Complete the “Profit from Closed Position” portion of the Individual Stock Purchase Record. In this case ‘Profit’ will be the negative of the “Total Extended Amount.”
- Record the loss on the Monthly Stake Worksheet.
- Remove STP from your Allocated Cash Worksheet.
LattcoPro clients: please give us a call and we will make the adjustments for you.
Bankruptcy is a risk of the Snider Method. Although, we attempt to avoid financially unstable companies through our screening process, the screens are not foolproof. We understand your concern and frustration about this situation.
If you have any questions, please don’t hesitate to contact us at or 1-888-6-SNIDER or support@snideradvisors.com. We’ll be happy to walk you through the process.
