If it's a pipe at the usual discount of 15%, they might raise about $2.6 million with 6.6 million shares. My guess is they're finding the sale of Avid to be difficult given the credit markets and the limited client base of Avid. If I can recall Avid has one big customer that is looking for an alternative supplier and PPHM as the other client and is in financial difficulty. Who want's to bring that deal to finance committee? The other alternative is to sell Avid to the big client.
Things are not adding up. That's why a change in mgmt is needed.
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