This is one BIG mess that could have been avoided with better management.
SLG is the classic dollar short and day late. I can live with a day or so late -  - but not the dollar short.
Because of this latest fiasco, I have refrained from buying any more. The company assured me that a PP, although always possible, was the very last thing on the money "to do" list. By coming out with a PP, it suggests that there is hidden trouble in SLG land.
It looks like the PP will go at around 80 cents give or take a thin dime. Part of today's decline is likely RBC et al trying to find a price along with tax loss selling of a junior in a very nervous, down, market [as noted by eternalhold].
Management has not courted the investment community and is paying for that fact now and dearly! 
Sometimes doing nothing is better than something even IF one misses an opportunity [in hindsight].
My cash is not flowing into SLG's share structure until things get clarified. That suggests that others might be seeing it the same as we are, not good for SLG.
Eugenia-1 has been promoted to a "must find oil" drill.