Daniel, SBI = Silicon Bandwidth International. See excerpt below.
Note that SBI keeps lending money to PNDA. That's how PNDA has remained out of BK. The debt was due on Sept. 30. No word on the outcome of that.
Who exactly owns and controls SBI, and where it gets its capital, is unclear to me.
Another thing that is unclear to me is whether PNDA actually owns anything anymore. It pledged its intellectual property to Helix and everything else to SBI. I continue to assume that common stock shareholders of Panda will, in the end, walk away with nothing at all.
Here's the excerpt:
On May 14, 1999, the Company, Helix and Silicon Bandwidth, Inc.
("SBI") entered into an agreement ("Helix Agreement") whereas upon the
closing of the acquisition of certain assets of the Company by SBI,
SBI will pay $1,000,000 to Helix. In consideration of such payment,
and the issuance of 1,000,000 shares of Panda common stock to Helix,
Helix releases Panda from payment on all accrued interest on the notes
remaining unpaid as of the date of such payment of $1,000,000. The
remaining $1,000,000 and accrued interest will be paid in eleven
payments by SBI to Helix. (See exhibit 2.3)
On June 11, 1999, the Company entered into an agreement with SBI
pursuant to which SBI has loaned the Company $300,000. 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 June 11, 1999, by and between the Company
and SBI. The loan bears an interest rate of 6% per annum and is due
and payable on September 30, 1999. (See Exhibit 4.9).
On July 15, 1999, the Company entered into an agreement with SBI
pursuant to which SBI has loaned the Company an additional $325,000
with borrowed amounts totaling $625,000. 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 July 15, 1999, by and between the Company and SBI. The loan
bears an interest rate of 6% per annum and is due and payable on
September 30, 1999. (See Exhibit 4.10).
On August 17, 1999, the Company entered into an agreement with SBI
pursuant to which SBI has loaned the Company an additional $325,000
with borrowed amounts totaling $950,000. 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 17, 1999, by and between the Company and SBI. The loan
bears an interest rate of 6% per annum and is due and payable on
September 30, 1999. (See Exhibit 4.11). |
