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Heelys, Inc. Message Board

  • avdaugust avdaugust Sep 29, 2007 12:22 PM Flag

    Revolving Credit Facility 2MM

    Your attention is directed to the recent sec filing on

    sept 28, 2007. Revolving Credit Facility for 2M


    Having previous financial experience I questions why a

    company would need a revolving credit facility of 2M

    J.P. Morgan Chase Bank when on June 30, 2007 results

    were as follows.

    Total Stockholders Equity.....116,117,M

    Cash...........................54,000,M

    Receivables....................48,000,M

    Inventory......................22,000,M

    Total Liabilities..............11,000,M

    Conditions of the credit facility include the following:

    Maintain a net woth of 75,000,M

    Pledge prohibts the Co. from creating or permitting any lien, security interest on the companys accounts receivables
    or inventory.



    I have never seen a bank requiring a company to sign a

    credit agreeement for such outrageous terms and condtions.


    Would you pledge 75% of your assets for a Mastercard or

    credit line as they have.

    Questions: What is going on.???????????

    Any questiond of buy back of stock????????

    Liens on assets because of law suits??????

    Haven't they gone too far with 54M in cash??????

    they can't be that desperate......they could have secured

    this line with 2M cash on hand.


    what do you think is going on?????????????comments

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