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Biotech / Medical : Physician's Computer Net (PCNI)

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To: Bradley W. Fisher who wrote (278)	9/11/1998 10:20:00 AM
From: James J. Wulf	Read Replies (1) of 290

Some more info: KPMG was terminated after they walked out about 2 weeks ago. I know they were waiting for an independent investigation report but that report went strictly to the Board of Directors and they had no intention of sharing it with KPMG. The result of that report (fact finding mission) resulted in the firing of the Company president and the CFO. A new management team is in place with a new President and a new CFO. They have a major bank bill coming due on 9/30/98, somewhere between $12 million and $15 million and if they need to extend that date there are exorbinate fines and penalties. Well, its a pretty well known fact thatthey won't be able to meet this due date and they won't be able to pay the penalties and interest, so it's in their best interest to renegotiate the bank note and drop the penalties and fines if they want to come out whole.

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