...and the beat goes on. SBI has loaned PNDA *another* $300K, according to an 8-K filed today. It seems they just can't get around to closing the deal. What are they (SBI, PNDA) trying to do, stall and kill time? Why? Why are they bothering to buy PNDA, and why do they keep slipping them a third of a million dollars every time they need more cash? I feel like I am missing something here....
- Daniel
P.S. The relevant portion of the filing is this:
Item 2. Acquisition or Disposition of Assets
-----------------------------------
The Panda Project, Inc. and Silicon Bandwidth, Inc. have entered into
Amendment No. 2 to the Asset Purchase Agreement dated October 26, 1999
which extends the expiration from December 30, 1999 to February 24,
2000.
On, October 1, 1999, The Panda Project, Inc. (the "Company")
entered into agreement with Silicon Bandwith, Inc. ("SBI") pursuant
to which SBI has loaned the Company an additional $300,000 totalling
$1,250,000 in connection with the loan, the Company has granted to SBI
a security interest in substantially all of the assets of the Company
pursuant to the Security Agreement, dated August 15, 1999, by and
between the Company and SBI. The loan bears an interest rate of 6%
annum and is due and payable on December 30, 1999. |
