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Technology Stocks : The Panda Project (PNDA)
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To: Mike Farmwald who wrote (1263)5/21/1998 4:57:00 AM
From: dumbmoney   of 1521
 
It appears that the convertible preferred holders have barely
begun to short the stock. Given the fairly draconian terms
of the preferred (they are on EDGAR) I don't see how Panda
can raise more money until they converted all of the $6M - and
they can't afford to wait.

This is the first case I've seen where the co. ate up the funds before the conversions even started! The convertible buyers were idiots to agree to the 120 day waiting period. Well, it will be interesting.
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