We have a few clients who have leased with Stone Energy over the years.  Some have been drilled on, others are still waiting.  Those who are waiting may still be waiting a while.  Stone Energy announced that it has borrowed $385 million dollars on its line of credit.  That’s the last of it, too.  Stone has to keep the lights on with that money or it will have to declare bankruptcy.  Seeing as how Stone lost $1 billion dollars last year, and we don’t expect gas prices to move up much until the end of 2016 or the beginning of 2017, we’re not terribly confident that $385 million dollars will keep Stone going until things get better.  It will be interesting to see what creative techniques Stone’s financial and legal advisers come up with to keep operating.  For the sake of our clients who have signed leases with Stone we hope that they can pull it off.  Of course, if they don’t some larger company will just move in and buy up all those leases at fire sale prices during bankruptcy proceedings or when Stone puts them on the market to drum up cash.  The leases won’t just disappear.