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

To: Jim Revell who wrote (1130)	4/5/1998 3:42:00 PM
From: dumbmoney	Read Replies (1) \| Respond to of 1521

Jim, I have looked very closely at Panda and concluded that it is not a serious company. It is run more like a personal hobby than a public company. They have no focus, no credible business plan. It is very naive to think that the convertible buyers believe in Panda's future. They couldn't care less. These deals are structured so the "investors" can't lose - the loser is always the shareholder.

To: Jim Revell who wrote (1130)	4/6/1998 1:57:00 AM
From: Mike Farmwald	Respond to of 1521

Concerning point 3: ... (3) Some of the participants in the discount deal are real pros and Helix, a venture capital fund who put out the bridge loan are no dummies. They would walk away from their investment if Panda was not capable of turning the corner. The day to sell is when you see them heading for the exits. .... Helix has "walked away". They didn't invest in any of the last few rounds. They did loan $2M, but on completely onerous terms - if Panda didn't pay, Helix owned all of Panda's patents. The "investors" in the two discount deals specialize in such deals. They short the stock, drive down the price and then cover with converted stock at a discount to the lowered price. They could care less whether Panda is successful - as long as it doesn't go belly up in next 3 or 4 months they come out fine. Mike