sblc and bankruptcy We have outstanding standby letters of...

sblc and bankruptcy We have outstanding standby letters of credit (“SBLC”) related to security of building leases and security for payroll processing services of $1.3 million at December 31, 2005. The SBLC contains four financial covenants. These include a minimum tangible net worth of $40.0 million, a minimum amount of liquid assets of $40.0 million, no more than $8.0 million loss in any fiscal quarter, and no more than $25.0 million loss in any rolling four-quarter period. As of December 31, 2005, we were in compliance with all required covenants.


I know its HARd for the cut n paste expert to understand..

BUT

the word "and" is important

The June quarter will trigger the SLBC covenant and LOOK will be bankrupt.


SELL while you can.....