Nothing material at the end of December. They have not filed the statments for the end of March yet, but I am willing to venture that there was not enough "on hand" at the end of March to make the April payment. The "cash on hand" refers to them having cash on the date they ned to pay - so likely yesterday they had "cash on hand" to make today's payment.

I don't remember whose comment it was, but someone suggested that PNP might be concerned about a market decline - so true. They can't wait for possible good news - no matter how high a probabilty. They have to be in selling what they can every day until they get the cash. This is essentially a margin call.