They'd kick you out of the casino after taking your money and maybe roughing you up a little.

But today I'm going to reveal to you a publicly traded company that should benefit from boom times as well as bust. It's a way to put one poker chip on two numbers of the roulette wheel at the same time. And it won't get you kicked in the ribs.

My prediction is that we're headed (or already in the midst of) a severe recession or depression. But I've been wrong before - and even if I'm right on the trend, I could be wrong on the timing or the scope - or any number of other factors that might derail my investment thesis.

Homebuilder Standard Pacific Corp. (NYSE: SPF) said today that it will offer $100 million in aggregate principal amount of convertible senior subordinated notes due in 2012.

In connection with the note offering, the Irvine, Calif.-based company said it also plans to enter into convertible note hedge transactions with affiliates of certain underwriters of the note offering. Standard Pacific said it is initiating the transactions to reduce potential dilutive effects on its stock that could occur once the notes are converted.

Standard Pacific said it intends to use proceeds from the notes to repay a portion of outstanding debt under its revolving credit facility and to pay the cost of convertible note hedge transactions.

Along with the offering of the notes and the convertible note hedge transactions, the company said it intends to enter into a share lending agreement with an affiliate of Credit Suisse Securities (USA) LLC.

Additionally, Standard Pacific said it will grant the underwriters of its proposed offering an option to purchase up to an additional $15 million aggregate principal amount of notes solely to cover over-allotments. Credit Suisse, Banc of America Securities LLC and J.P. Morgan Securities Inc. will act as joint bookrunning managers for the proposed note offering.

Shares of Standard Pacific fell $0.95, or 11.73%, to $7.15 in mid-day trading Monday.