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05/12/2005: "PROX close to collapse"

Proxim released their 1Q05 results yesterday.

In my experience, calling Bear Stearns means you've already lost.

On January 27, 2005, the Company announced that it engaged Bear, Stearns & Co. to explore strategic alternatives for the Company, including capital raising and merger opportunities. The Company remains actively engaged with Bear, Stearns & Co. and is currently in discussions with a potential third party purchaser.

But givent he below, they're fucked:
The Company has an immediate need for additional financing. If the Company were not able to enter into an agreement with a third party purchaser or able to obtain sufficient financing in the second quarter of 2005, it would be required to seek protection under applicable bankruptcy laws.

From what I can read in the tea leaves, Symbol is next