The Panda Project (PNDA) Message Board

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Technology Stocks : The Panda Project (PNDA)

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To: Mike Farmwald who wrote (817)	2/5/1998 1:56:00 PM
From: Mitchell Ryan	Read Replies (2) of 1521

<<They must think they can raise some money first - then report the numbers.>> Perhaps there is a hidden agenda here. Crane and Wooder (Director on Panda board, and VP of Helix), have effectively set the stage to extract the intellectual property from Panda prior to bankruptcy. It states in the prospectus that Crane has always retained ownership of the Compass connector technology, and therefore, it is doubtful that Helix would get (or want) any Compass or Archistrat patents. That leaves only VSPA, which may be the only thing of value in the company. If Panda defaults on the $2M loan, then Helix gets VSPA, and the shareholders and creditors would have claim to only material assets within Panda. Of the $2M that Helix loaned Panda, I would suspect that much of that went into executive salaries and bonuses (i.e. Melissa Crane for the Veridicom deal). By changing the fiscal year, Crane and Wooder have effectively given themselves more time in which to pull this off in secrecy. Maybe this sounds far-fetched, but it looks to me like the ship is being scuttled. Ryan

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