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Technology Stocks : Silicon Graphics, Inc. (SGI)

SGI 88.98

+11.8%

3:59 PM EST

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From: Rampex	2/25/2006 1:57:15 PM
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Excerpt from AP story RE: SGI and Warren Pratt "There's no case law to settle the matter, so companies continue to forgive loans to their executives. For instance: -- Silicon Graphics Inc., a technology company that has lost money for each of the past five years, in 2005 forgave $5,307,812 owed by Warren C. Pratt, its chief operating officer and executive vice president. The amount the company forgave included the loan, income on imputed interest and company reimbursements of Pratt's taxes in connection to the loan, according to the company's proxy. The loan was forgiven despite the fact that the company didn't have enough cash at the end of 2005 to support its operations, so it had to find new lines of credit, according to a quarterly report filed with the Securities and Exchange Commission. Its stock was delisted from the New York Stock Exchange in January when it failed to meet the exchange's minimum price requirement and now trades over-the-counter. The company did not return calls seeking comment." biz.yahoo.com

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