	mathematical applications sets operations sale mathematical applications group inc said it has signed a letter of intent to sell all of its operating business and will propose a plan of liquidation following the sale if the company is unsuccessful in obtaining the approvals needed for the sale and liquidation it said the company may be required to initiate reorganization proceedings under federal bankruptcy law to facilitie the distribution of its assets mathematical applications said it tentatively agreed to sell its direct marketing business to pagex inc for dlrs plus an amount equal to the working capital of the business at closing as well as a mln dlr note payable in installments over six years mathematical applications said the business working capital is estimated to be about dlrs pagex has been formed by paul a goldner the owner of pagex systems inc which is also engaged in the direct marketing computer service business mathematical applications said the tentative agreement calls for pagex to buy substantially all of the assets and liabilities related to the direct marketing business and continue to use the mathematical applications name it said the sale is also subject to renegotiation of a real estate lease and approval of a definitive agreement by the company s board stock holders and debenture holders the company said it has obtained waivers from holders of its six mln dlrs principal amount of debentures due march to defer interest payments aggregating dlrs through march the company said it will seek waivers to defer these interest payments and those due march for enough time to enable the company to accomplish the proposed sale of its operations mathematical applications said it is talking to debenture holders its landlord a lessor of equipment to the marketing operation and holders of other liabilities not being assumed by pagex to arrange distribution of assets after the proposed sale adding that these assets will be significantly less than its liabilities the company said it has obtained waivers from holders of its six mln dlrs principal amount of debentures due march to defer interest payments aggregating dlrs through march the company said it will seek waivers to defer these payments and those due march for enough time to accomplish the proposed sale of its operations mathematical applications said it is talking to debenture holders its landlord a lessor of equipment to the marketing operation and holders of liabilities pages is not assuming to arrange distribution of assets after the proposed sale adding these assets will be significantly less than its liabilities as part of the distribution of assets the company said it expects shareholders to receive an amount based on the bid price of the company s stock which was on march five reuter 
