Reactions of a sterically protected 1,2-di(2-thienyl)-3,4-bis[(2,4,6-tri-t-butylphenyl)phosphinidene]cyclobutene were investigated. The diphosphinidenecyclobutene reacted with elemental sulfur or transition metal reagents to form a thiaphosphirane derivative or the corresponding transition metal complexes, respectively. Reactions of the di(2-thienyl)diphosphinidenecyclobutene with butyllithium followed by treatment with electrophiles afforded functionalized di(2-thienyl)diphosphinidenecyclobutene derivatives. (c) 2006 Elsevier B.V. All rights reserved.