Just got off the phone after speaking with Sue Topping......
Regarding recent Bank of America announcement; When I suggested it came as a bit of a surprise, she said a number of things; 1. The original announcement included a reference to further negotiations after the completion of the share issue---this is true, I went back and read it again. 2. B. of A. was taking a hard and inflexible line with respect to the vendor note holders, so Pallet had no option but to break off negotiations. 3. This came as a surprise to Pallet, too, they had expected a more reasonable approach from B. of A. 4. There is other credit available, with one Canadian bank and four to six American banks interested. 5. Credit is emphatically not needed for day-to-day operations, only for further expansion of the Pallet-Banking system.
There is still "considerable" money left from the share issue, she gave me the impression that Pallet had been careful to not go ahead with ambitious plans until B. of A. coughed up or got off the pot.
Terry Lynch no longer owns shares. David Hill has between 1 and 1.5 million. Other than him, no significant major shareholders to her knowledge.
There is no cash bind. Not even close.
Over the week-end, I will come to some sort of a buy/hold/sell decision. At this point, I am leaning heavily to a strong buy at current levels.....
I told Ms. Topping about this thread and suggested she read it and consider posting.....
A fine spring week-end to all........ |
