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Stocks P / Peregrine Systems Inc.


Subject:  Re: Nelson Date:  7/10/2002  9:53 AM
Author:  cautiousone100 Number:  723 of 725

Yes, the cash is gone. If you read the 8-K filings since the last financial statement you will see that they have needed to secure short-term financing from a rather high-risk source, namely Foothill Capital. Reading this document will show that the EBITDA requirements which are steep. In the press and PRGN's last conference call it was apparent that the full value of this loan was completely drawn down for letters of credit, etc.
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