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MicroDex's file. It is now in default on the three million dollar loan we extended on April 12, 2005. The total amount currently outstanding is $2,390,000. We were just informed yesterday that MicroDex has commenced bankruptcy protection under Chapter 7 of the Bankruptcy Code. As such, the prospects of full recovery are minimal. In addition to the loan documents, I am attaching copies of all the financial statements that we obtained from MicroDex as part of the loan application, including the one for year 2004, which we received from MicroDex's CFO on February 2, 2005. In looking back at the financial statements that we had in our file, I was stunned by MicroDex's dramatic and sudden collapse. When we approved the loan, the loan committee gave a lot of weight not only to the financial statements from 2004, but also to the ones from the prior three years; we were keenly impressed by the firm's pattern of income stability during those four calendar years. I am also attaching a copy of an article I had placed in my file a number of years back. Ever since reading the article, I have had a lingering suspicion that the story in the article is about MicroDex. Copyright Dr. Rafi Efrat and Dr. Janice Bell, 2009 Q. 2. Assuming Peter Nelson LLP owed a duty of care to the Bank of Business Solutions, did Peter Nelson, LLP breach that duty of care? In determining whether breach occurred, make sure to perform the following accounting analysis: A: Recreate the journal entry that MicroDex made when it sold the stock to Greenco. How much gain was recognized on the sale of the stock? How much cash inflow did this transaction create for MicroDex? B: Calculate the present value of the note receivable using a 15% interest rate. Using the present value of the note as the only economic benefit received, recalculate the gain or loss on the transaction.

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