Item 1.

	(a)	Name of Issuer:

		SP Holding Corporation

	(b)	Address of Issuer’s Principal Executive Offices:

		3317 Third Ave., South
		Seattle, Washington 98134

Item 2.

	(a)	Name of Person Filing:

		Vicis Capital LLC

	(b)	Address of Principal Business Office or, if none, Residence:

		126 East 56th Street, Tower 56, Suite 700
		New York, NY 10022

	(c)	Citizenship:

		Vicis Capital LLC is a Delaware limited liability company

	(d)	Title of Class of Securities:

		Common Stock, $0.001 par value per share

	(e)	CUSIP No.:

		78465L206

Item 3.		If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

	(a)	o	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

	(b)	o	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

	(c)	o	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

	(d)	o	Investment company registered under section 8 of the Investment Company Act (15 U.S.C. 80a-8).

	(e)	x	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).

	(f)	o	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).

	(g)	o	A parent holding company or control plan, in accordance with §240.13d-1(b)(1)(ii)(G). (Note: See Item 7).

	(h)	o	A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).

	(i)	o	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3)

	(j)	o	Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4.		Ownership.

	(a)	Amount Beneficially Owned:

		1,320,000 shares may be deemed beneficially owned within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934 by Vicis Capital LLC by virtue of its investment discretion and voting authority granted by Vicis Capital Master Fund, which may be revoked at any time. Vicis Capital LLC disclaims beneficial ownership of any shares reported on this Schedule.

(b)	Percent of Class:

	6.63%. Based upon 19,912,664 shares outstanding at March 28, 2007, as reported by SP Holding Corporation in its 10-KSB for the year ended December 31, 2006.

(c)	Number of shares as to which such person has:

		(i)	Sole power to vote or to direct the vote

			1,320,000 shares.

		(ii)	Shared power to vote or to direct the vote

			None.

		(iii)	Sole power to dispose or to direct the disposition of

			1,320,000 shares.

		(iv)	Shared power to dispose or to direct the disposition of

			None.

Item 5.	Ownership of Five Percent or Less of a Class.

	If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: o

Item 6.	Ownership of More than Five Percent on Behalf of Another Person.

	Vicis Capital Master Fund, a client of Vicis Capital LLC, a registered investment adviser, owns all the shares included on this schedule and has the right to receive or the power to direct the receipt of dividends and proceeds from the sale of all the shares included on this Schedule.

Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

	Not applicable.

Item 8.	Identification and Classification of Members of the Group.

	Not applicable.

Item 9.	Notice of Dissolution of Group.

	Not applicable.


Item 10.	Certification.

	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 2, 2007.


	VICIS CAPITAL LLC

	By:	/s/ Keith W. Hughes
		Keith W. Hughes Chief Financial Officer

CUSIP No			78465L206


(1)	Name of reporting person.		Vicis Capital LLC


(2)	Check the appropriate box if a member of a group.		(a) o (b) o


(3)	SEC use only.


(4)	Citizenship or place of organization.		Delaware


Number of shares		(5)	Sole voting power.	1,320,000
beneficially		(6)	Shared voting power.	None
owned by each		(7)	Sole dispositive power.	1,320,000
reporting		(8)	Shared dispositive power.	None
person with:


(9)	Aggregate amount beneficially owned by each reporting person.			1,320,000


(10)	Check if the aggregate amount in Row (9) excludes certain shares. o


(11)	Percent of class represented by amount in Row (9).			6.63%


(12)	Type of reporting person			IA

x	Rule 13d-1(b)
o	Rule 13d-1(c)
o	Rule 13d-1(d)