UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-3952

Date of Report (date of earliest event reported): ~~May~~July 158, 2009

SIBONEY CORPORATION

(Exact name of registrant as specified in its charter)

MARYLAND	1-3952	73-0629975
(State or other jurisdiction of	(Commission File No.)	(I.R.S. Employer Identification No.)
incorporation or organization)

P.O. BOX 221029		63122
ST. LOUIS, MISSOURI		(Zip Code)
(Address of principal executive offices)

(314) 822-3167

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2 1.0402 Termination of ~~Triggering Events that Accelerate or Increase~~ a ~~Direct~~Material ~~Financial~~Definitive ~~Obligation or an Obligation under an Off-Balance Sheet Arrangement~~Agreement.

As previously reported in connection with the renewal of its bank credit agreement, on March 21, 2007, Siboney Corporation (the “Company”) borrowed the aggregate ~~sum~~ sum of $200,000 from Lewis B. Shepley and Timothy J. Tegeler, members of the Company’s Board of Directors. The subordinated loan was requested by the Company’s bank and evidenced by 10% Subordinated Secured Promissory Notes each in the principal amount of $100,000 ~~(the “Notes”)~~.

On ~~March~~July 208, 2009, ~~substantially all of~~ the Company’s ~~assets~~discharged ~~were sold in satisfaction of the outstanding bank indebtedness of the Company and~~ its ~~only~~obligations ~~operating subsidiary~~to Mr. ~~Consequently,~~ ~~the~~Shepley ~~Notes~~under ~~currently represent the only~~his ~~secured~~Subordinated ~~debt~~Secure ~~obligations~~Promissory ofNote (the ~~Company~~“Shepley Note”). AsThe ~~the~~ Company ~~has ceased~~ ~~its~~paid ~~ongoing~~approximately ~~business~~$128,000 ~~operations~~to ~~and~~Mr. ~~believes~~Shepley, ~~the~~which ~~realizable~~sum ~~value~~represents ofthe ~~its assets~~principal ~~does~~and ~~not~~accrued ~~exceed~~interest ~~its~~payable ~~outstanding~~under ~~liabilities,~~ the ~~Company anticipates~~Shepley ~~it will~~Note ~~not~~and ~~have~~the ~~sufficient~~reimbursement ~~funds~~of attorney’s tofees ~~fully~~incurred ~~satisfy~~in ~~its~~connection ~~obligations~~with collection under the Shepley ~~Notes~~Note.

~~On May~~After ~~15,~~retirement ~~2009,~~of the ~~Company~~Shepley ~~received~~Note, ~~from~~the ~~counsel~~Subordinated ~~for~~Secured ~~the~~Promissory ~~holders~~Note ofto Mr. Tegeler (the ~~Notes~~“Tegeler ~~formal notices~~Note”) ofrepresents the ~~occurrence~~only ofsecured andebt ~~event~~obligation of ~~default~~the Company. ~~The~~As ~~notices~~previously ~~stated that~~disclosed, ifsince the ~~default~~Company ishas ~~not~~ceased ~~cured~~its ongoing ~~within five~~ business ~~days,~~operations ~~the~~and ~~Company’s obligations~~believes ~~under~~ the ~~Notes~~realizable ~~become~~value ~~due~~of ~~and~~its ~~payable~~assets ~~and~~does not ~~the~~exceed ~~interest~~its ~~rate~~outstanding onliabilities, the ~~unpaid~~ ~~balance increases to 12% per annum. The~~ Company ~~expects~~anticipates ~~that~~ it will not have sufficient ~~the~~funds ~~means~~ to fully satisfy its obligations to Mr. Tegeler under the ~~Notes~~Tegeler Note. ~~Messrs~~Mr. ~~Shepley and~~ Tegeler ~~have~~has advised the Company ofthat ~~their~~he is ~~intention~~initiating toforeclosure ~~foreclose~~of onhis ~~the~~security ~~Company’s~~interest ~~remaining~~through ~~assets~~a ~~which~~public ~~consist~~sale ~~primarily~~ of the collateral ~~stock~~(substantially all of ~~non-operating~~which ~~subsidiaries~~consists ~~that~~of ~~hold~~stock ~~various~~of ~~illiquid natural resource interests. The~~ Company ~~estimates that its obligations under~~subsidiaries ~~the~~with ~~Notes,~~mineral ~~representing~~and ~~the~~oil ~~aggregate principal amount~~ and ~~all~~gas ~~accrued~~interests and ~~unpaid~~ ~~interest~~cash ~~and costs, are currently approximately~~proceeds ~~$250,000~~therefrom). ~~Additionally,~~The ~~pursuant~~Company tobelieves that the ~~Note~~proceeds ~~and~~which ~~Warrant~~may ~~Purchase~~be ~~Agreement~~generated ~~dated~~from ~~March~~the ~~21,~~foreclosure ~~2007~~will bybe ~~and~~less ~~among~~than the ~~Company,~~obligation ~~Mr.~~owed ~~Shepley and~~ Mr. Tegeler,. The ~~the~~ Company ~~agreed~~anticipates ~~to reimburse reasonable attorney’s fees~~that, ~~which~~upon ~~the holders~~completion of the foreclosure, ~~Notes have informed~~ the Company ~~currently total approximately $1,500 and~~ will ~~include~~have anno ~~additional~~significant ~~amount~~remaining ~~through completion of the anticipated foreclosure~~assets.

Item 2.01 Completion of Acquisition of Disposition of Assets.

The information required by this Item 2.01 is set forth in Item 1.02 above, which is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: ~~May~~July 208, 2009

	SIBONEY CORPORATION



	By: /s/ Timothy J. Tegeler
	Timothy J. Tegeler
	Chief Executive Officer

Filing Compare · SIBONEY CORP