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Technology Stocks : The Panda Project (PNDA) -- Ignore unavailable to you. Want to Upgrade?

To: drakes353 who wrote (737)	1/15/1998 7:00:00 AM
From: Q.	Read Replies (1) \| Respond to of 1521

The loans were made Dec. 19 and Jan 12, each for $1 M, according to the promissory notes shown in the 8k. The first loan coincided within days of the date I had computed for the co. to run flat out of cash, based on the latest quarters cash position and cash burn rate. In the conference call, Crane made it clear that he expected Helix to invest more in the company, saying that PNDA was Helix's smallest position. But it seems that Helix was cautious and only gave a secured ST loan at prime plus 2% with a warrant kicker. It is clear that they will have to sell equity to raise cash. It is also clear that they would have better luck in finding a buyer, and in reducing dilution, if the stock price were higher.