UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~January~~February 2923, 2010

POINT BLANK SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)

Delaware	001-13112	11-3129361
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2102 SW 2nd Street, Pompano Beach, Florida		33069
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (954) 630-0900

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 12.0104. ~~Entry~~Triggering ~~into~~Events that Accelerate or Increase a ~~Material~~Direct ~~Definitive~~Financial ~~Agreement~~Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On ~~January~~February 2923, 2010, Point Blank Solutions, Inc. (the “Company”), and its subsidiaries Protective Apparel Corporation of America and Point Blank Body Armor, Inc. (collectively, the “Borrowers”), ~~each~~received a ~~subsidiary~~letter of(the ~~Point Blank~~“Letter”) ~~Solutions~~from Bank of America, ~~Inc~~N.A. (~~the~~ “~~Company~~Bank of America”), ~~and~~providing ~~the~~notice ~~Company~~that ~~entered~~events ~~into a Twenty-First~~of ~~Amendment~~default ~~(the~~occurred ~~“Twenty-First~~and ~~Amendment”)~~are tocontinuing under that certain Amended and Restated ~~Loan~~ Loan and Security Agreement, dated as of April 3, 2007 (the “Loan Agreement”), by and among the Borrowers ~~and Life Wear Technologies~~, ~~Inc., a former subsidiary of the Company,~~ as borrowers, the Company, as guarantor, and Bank of ~~America,~~ ~~N.A.~~America (as successor by merger to LaSalle Business Credit, LLC) ~~(the “Bank”)~~, as administrative agent and collateral agent for itself and all other lenders party to the Loan Agreement. The ~~Loan~~Letter ~~Agreement~~ provides that, as a result of the ongoing events of default, (i) all of the Borrowers’ ~~with~~liabilities under the Loan ~~financing~~Agreement ~~through~~have abeen accelerated and are immediately due and payable and (ii) Bank of America’s commitments under the revolving credit line ~~(the~~provided ~~“Revolving~~for under the Loan”) ~~and~~Agreement ahave ~~term loan~~been terminated.

The ~~Twenty-First~~ ~~Amendment, among other things, (i) changes the amount of the “Availability Block” under the Revolving~~ Loan ~~applicable to various periods~~ ~~under the Loan~~ Agreement, ~~(ii) reduces~~ the ~~advance~~terms ~~rate against the Borrowers’ eligible accounts for purposes~~ of ~~the~~which ~~Revolving~~were ~~Loan~~previously ~~borrowing~~disclosed ~~base~~in ~~from~~reports ~~85%~~filed towith ~~75%, (iii) reduces~~ the ~~advance~~Securities ~~rate~~and ~~against~~Exchange ~~the Borrowers’ eligible inventory for purposes of the Revolving Loan borrowing base to 20%~~Commission, ~~(iv)~~provided ~~changes~~ the ~~amount~~ ofBorrowers ~~the~~with ~~“Maximum Revolving Loan Limit” under the Revolving Loan applicable~~financing tothrough ~~various~~a ~~periods~~revolving ~~under~~credit ~~the~~line ~~Loan Agreement,~~ and ~~(v) provides that the Borrowers will submit to the Bank~~ a 13term ~~week~~loan. As ~~cash~~of ~~flow projection, in a form acceptable to the Bank, on or prior to~~ February 423, ~~2010. Pursuant to the~~ ~~Twenty-First Amendment~~2010, ~~the~~$0 ~~Bank~~was ~~also~~outstanding ~~agreed~~under ~~that upon its receipt of~~ the ~~Borrowers’~~ ~~income~~revolving ~~tax~~credit ~~refund~~line ~~of approximately $6.7 million~~ and ~~prepayments under the Borrowers’ government contracts of approximately~~ $~~4.3 million~~10,000,000 ~~the Bank~~in ~~would~~principal ~~apply~~was ~~those amounts against the~~ outstanding ~~balance~~ under the ~~Revolving Loan. The~~term Borrowers agreed that, after the Bank has applied such amounts to the Revolving Loan balance, the Borrowers would not request any additional financing under the Revolving Loan, letters of credit or other financial accommodations in excess of such amountsloan.

The ~~foregoing~~events ~~description~~alleged by Bank of America to constitute an event of default under the Loan ~~Twenty-First~~Agreement ~~Amendment~~include ~~does~~the ~~not~~failure ~~purport~~of the Borrowers to becomply with their ~~complete~~financial covenants under the Loan Agreement to have a minimum EBITDA of at least ($1,300,000) for the three months ended December 31, 2009 and to have a net worth of at least $5,000,000 as of December 31, 2009. Pursuant to the terms of the Loan Agreement, in case of an event of default, Bank of America is ~~qualified~~also entitled in its ~~entirety~~sole byand ~~reference~~absolute discretion to (i) institute a default rate of interest of 2% per annum in excess of the ~~full~~interest ~~text~~rate otherwise payable with respect to any or all liabilities outstanding under the Loan Agreement, (ii) commence any legal or other action to collect any or all of the ~~Twenty~~liabilities outstanding under the Loan Agreement from the Company or the Borrowers, (iii) foreclose or otherwise realize on any or all of the collateral and appropriate, set-~~First~~off ~~Amendment~~or apply to the payment of any or all of the liabilities, ~~which~~any isor ~~attached~~all asof ~~Exhibit~~the 10collateral, and (iv) take any other enforcement action or otherwise exercise any and all rights and remedies provided for under the Loan Agreement or applicable law.1 Bank ~~hereto~~of America indicated in the Letter that it reserves its right to exercise at any time its default-related rights and ~~incorporated~~remedies ~~herein~~under bythe ~~reference~~Loan Agreement and applicable law.

~~Item~~The Company ~~8.01.~~is ~~Other~~considering ~~Events~~all alternatives available to it in response to the matters set forth in the Letter.

On January 18, 2010, Point Blank Body Armor, Inc., a subsidiary of the Company (“PBBA”), received a grand jury subpoena from the U.S. District Court for the District of Columbia in connection with an investigation being conducted by the U.S. Department of Justice, Fraud Section. The subpoena requested that PBBA produce materials, from January 1, 2005 to the present, related to contacts between PBBA and foreign governments or officials, bids submitted to foreign governments or officials, and contracts with or payments made to such foreign governments or officials, or to third parties in connection therewith. The Company is unable to predict what the outcome of the investigation will be or the impact, if any, that the investigation may have on the Company’s business, results of operations, liquidity or capital resources. The Company intends to cooperate fully with the investigation and is preparing its response to the subpoena.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
10.1	Twenty-First Amendment to Loan and Security Agreement, dated January 29, 2010, by and among Protective Apparel Corporation of America, Point Blank Body Armor, Inc., Point Blank Solutions, Inc. and Bank of America, N.A.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	POINT BLANK SOLUTIONS, INC.
Dated: February 2, 2010	By:	/s/ Michelle Doery
Dated: March 1, 2010	By:	/s/ Michelle Doery
	Name:	Michelle Doery
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
10.1	Twenty-First Amendment to Loan and Security Agreement, dated January 29, 2010, by and among Protective Apparel Corporation of America, Point Blank Body Armor, Inc., Point Blank Solutions, Inc. and Bank of America, N.A.

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