Up-Date:
Andrew Corporation
The company reported in its 10Ksb that it had a $2 million payable that was past. In fact, the payable was approximately $1.8 million and the creditor is Andrew Corporation. The debt was the result, at least in part, of the purchase of substantial equipment for Argentina which has been shipped to Buenos Aires but which the Company has been unable to put in revenue generating service. Negotiations are well underway that are aimed at restructuring of that debt. As part of the restructuring, it is anticipated that Andrew will receive warrants to purchase the Company's shares in lieu of interest on the remaining balance. (To me, it is EXTREMELY IMPORTANT here to point out that any warrants that MAY be issued to Andrews will be in lieu of INTEREST ON THE REMAINING BALANCE, and NOT PRINCIPAL!!! There is a huge difference here. A difference that could be worded quite differently by the bashers and naysayers in WLGS. I believe that this a very reasonable prospective solution for WLGS in light of the unfortunate delay in Argentina!)
