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

To: Mike Farmwald who wrote (1263)	5/21/1998 4:57:00 AM
From: dumbmoney	Respond to of 1521

It appears that the convertible preferred holders have barely begun to short the stock. Given the fairly draconian terms of the preferred (they are on EDGAR) I don't see how Panda can raise more money until they converted all of the $6M - and they can't afford to wait. This is the first case I've seen where the co. ate up the funds before the conversions even started! The convertible buyers were idiots to agree to the 120 day waiting period. Well, it will be interesting.

To: Mike Farmwald who wrote (1263)	5/21/1998 12:51:00 PM
From: chester lee	Read Replies (1) \| Respond to of 1521

<<March 31 $2.1M April 31 $1.1M May 30 $0.1M ~June 5 death>> Mike, I was going to interject "Hat Trick" (before June 5) by way of additional convertible prefers AFTER some attempt of 20 days with the stock price over $6. However, my calendar tells me there are only 10 more trading days before June 5. I suppose PNDA can delay paying their vendors and creditors to give them selves more time, but even that only lasts so long. Eventually the garage will be bare with nothing to pledge and no more nifty gadgets to sell. Anyone want to take a guess on how PNDA will raise more operating cash? Maybe they can substitute stock options for payroll (of course at a steep discount). Chester