The cash was originally meant to be used for strategic acquisitions by Endwave. However when they began to sustain large cash operating losses, they actually sold their most promising division (defense) because the preferred investor did not want the cash used to pay the monthly burn rate. That action bought management another year of salaries. That's also why those posting about the cool airport scanner or pending military orders have missed the boat - that business is now part of Microsemi Corp. Endwave still has a small telecom business left. The problem is the rest of the cash is a preference which gets paid out to that class of stock on any wrap up of the business.