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FORM 3 OMB APPROVAL
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OMB Number: 3235-0104
Expires: September 30, 1998
Estimated average burden
. hours per response .... 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Strauss, Thomas W.
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(Last) (First) (Middle)
757 Third Avenue
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(Street)
New York NY 10017
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
January 18, 2000
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
The Panda Project (PNDA)
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5. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director
[x] 10% Owner*
[ ] Officer (give title below)
[ ] Other (Specify below)
* Member of Group owning 10%
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
[x] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
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1. Title of Security 2.Amount of 3 Ownership 4. Nature of Indirect
(Instr. 4) Securities Form: Beneficial
Beneficially Direct (D) Ownership
Owned or Indirect (Instr. 5)
(Instr. 4) (I) (Instr. 5)
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<S> <C> <C> <C>
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Common Stock 13,049,461 I (1)
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</TABLE>
* If the Form is filed by more than one Reporting Person,
SEE instruction 5(b)(v).
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly.
(Print or Type Responses)
(Over)
SEC 1473 (7-96)
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FORM 3 (continued)
<TABLE>
<CAPTION>
TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Date Exercisable and 3. Title and Amount
(Instr. 4) Expiration Date of Securities
(Month/Day/Year) Underlying
----------------------- Derivative
Date Expiration Security
Exercisable Date (Instr. 4)
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Title Amount or
Number of
Shares
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<S> <C> <C> <C> <C>
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4. Conversion or 5. Ownership Form of 6. Nature of Indirect
Exercise Price Derivative Security: Beneficial Ownership
of Derivative Direct (D) or (Instr. 5)
Security Indirect (I) (Instr. 5)
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<C> <C> <C>
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</TABLE>
Explanation of Responses:
Such shares are owned by RCG Halifax Fund, Ltd., ("Halifax"), a Cayman Islands
exempted company, and are held or to be held in a discretionary account, for
which Ramius Capital Group, L.L.C. ("Ramius"), a Delaware Limited Liability
Company is the investment adviser. C4S & Co., LLC ("C4S"), a Delaware limited
liability company, is the managing member of Ramius. The Reporting Person is
one of the Managing Members of C4S. By reason of the provisions of Rule 16a-1
under the Securities Exchange Act of 1934, the Reporting Person disclaims any
indirect pecuniary interest in the shares.
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, SEE Instruction 6 for procedure.
/s/ Thomas W. Strauss 1/28/00
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**Signature of Reporting Person Date
