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Technology Stocks : Vari-L (VARL)
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To: Labrador who wrote (2656)4/5/2001 8:46:16 AM
From: Francois Lavoie   of 2702
 
>>I'd say doubtful. Not the way the release is styled. A principal paydown [in general] is not a big deal. <<

Well, a principal paydown might not be a great deal
for many companies, but for VARL who had cash reserves
of 7.5 M (last 10-Q), I does hurt.
I find it bad that VARL had to burn this cash for a down payment, while already facing big accounting charges.
I hope we don't run out of cash.
BTW, it's the third time Bank One asks for a downpayment.

                      LOAN balance
Sep 29,2000 - 1.6 M   9.9M    "agreed to pay higher rate"
Dec 20,2000 - 1.1 M   ?.?M    "agreed to pay prime+2%"
Apr  3,2001 - 1.5 M   6.7M    Cash=6M after payment ?

Cash is king and VARL is running out of it if Bank One
continues to ask for a downpayment each Quarter.

See where we're going if this table continues ?
Financing ? Bankruptcy ?

Still hoping for the best,
Francois
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