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Technology Stocks : Long Term Investors' Outpost
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To: paul_philp who wrote (133)7/11/2002 3:51:48 PM
From: Lizzie Tudor  Read Replies (1) of 562
 
oh yeah- don't I know it. It an "accounting scandal" company... wait, so the minor matter of clean financials means they can't be a gorilla then?! :-/

Actually they are trading as prgne and might be delisted unless they can clean up the books this month. At least they have an auditor PwC on the task.

Watching prgn is the most interesting investment I've had in years. They probably did overstate revenues by stuffing some channels late last year and when the mkt turned south they were stuck in a dismal cash crunch, they had spent all their money on a cash buyout of remedy corp 9 mos prior. They have 4000-5000 customers and (my estimate) a steady revenue stream of 50mm/qtr in maintenance alone. They got this new CEO and in the meantime a private investor has bought 15% of the company in the open market (he is a former software CEO) and is demanding a seat on the board. They simply have to become cash flow positive in the next 2 mos or else they are gone... of course when you have 4000 customers locked in cash flow positive is not impossible. The chairman of prgn is John Moores, the founder of BMC software. He has been involved with PRGN as an executive since the beginning so if anybody gets put in jail over this it will be him... interesting since he owns the San Diego Padres. LOL

I bought 10,000 shares of this stock under a dollar as a gamble! At one point this was $800,000 worth of prgn, amazing isn't it. L
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