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 829, 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 1.01.

Entry into a Material Definitive Agreement.

On January 829, 2010, Protective Apparel Corporation of America and Point Blank Body Armor, Inc. (collectively, the “Borrowers”), each a subsidiary of Point Blank Solutions, Inc. (the “Company”), and the Company entered into a ~~Twentieth~~Twenty-First Amendment (the “~~Twentieth~~Twenty-First Amendment”) to 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. (as successor by merger to LaSalle Business Credit, LLC) (the “Bank ~~of America~~”), as administrative agent and collateral agent for itself and all other lenders party to the Loan Agreement. The Loan Agreement provides the Borrowers with financing through a revolving credit line (the “Revolving Loan”) and a term loan.

The ~~Twentieth~~Twenty-First Amendment, among other things, (i) changes the ~~amounts~~amount of the “Availability Block” ~~and~~under the ~~“Maximum~~ Revolving Loan ~~Limit” under the Revolving Loan~~ applicable to various periods under the Loan Agreement~~. Pursuant to~~, (ii) reduces the ~~Twentieth~~advance ~~Amendment,~~rate against the Borrowers’ eligible ~~also~~accounts ~~agreed~~for purposes of the Revolving Loan borrowing base from 85% to 75%, (iiii) byreduces ~~January~~the ~~13,~~advance rate against the Borrowers’ eligible inventory ~~2010,~~for ~~engage~~purposes aof ~~consultant,~~the ~~satisfactory~~Revolving Loan borrowing base to ~~Bank~~20%, (iv) changes the amount of ~~America,~~the ~~for~~“Maximum Revolving Loan Limit” under the ~~purpose~~Revolving ofLoan applicable ~~reviewing~~to ~~and~~various ~~analyzing~~periods under the ~~Borrowers’~~Loan ~~cash flows~~Agreement, and (iiv) byprovides ~~January~~that ~~15,~~the ~~2010,~~Borrowers ~~provide~~will ~~Bank~~submit ofto ~~America~~the ~~with~~Bank a ~~letter~~13 ofweek ~~intent~~cash byflow ~~Steel Partners Holdings L.P. (“Steel”)~~projection, in a form ~~and~~acceptable ~~substance satisfactory~~ to the Bank, ofon ~~America,~~or ~~with~~prior ~~respect~~ to atFebruary ~~least~~4, ~~$10~~2010. Pursuant to the Twenty-First Amendment,~~000,000~~ ofthe ~~additional~~Bank ~~capital~~also toagreed bethat ~~provided~~upon byits ~~Steel~~receipt toof the Borrowers~~. Steel~~’ isincome antax ~~affiliate~~refund of ~~Steel~~approximately ~~Partners II, L~~$6.~~P.,~~7 ~~which reported~~million inand aprepayments ~~Schedule~~under the ~~13D~~Borrowers’ ~~with~~government ~~respect~~contracts toof ~~its~~approximately ~~investment~~$4.3 inmillion, the ~~Company,~~Bank ~~originally~~would ~~filed~~apply ~~with~~those ~~the~~amounts ~~Securities~~against ~~and~~the ~~Exchange~~outstanding ~~Commission~~balance onunder ~~February~~the ~~11,~~Revolving ~~2008~~Loan. The ~~and~~Borrowers ~~subsequently~~agreed ~~amended~~that, ~~most~~after ~~recently~~the onBank ~~July~~has ~~17,~~applied ~~2009~~such amounts to the Revolving Loan balance, ~~that~~the itBorrowers ~~owns~~would not request any ~~approximately~~additional ~~4.2%~~financing ofunder the ~~Company’s~~Revolving ~~outstanding~~Loan, ~~common~~letters ~~stock~~of credit or other financial accommodations in excess of such amounts.

The foregoing description of the ~~Twentieth~~Twenty-First Amendment does not purport to be ~~complete~~ complete and is qualified in its entirety by reference to the full text of the ~~Twentieth~~ Twenty-First Amendment, which is attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item 8.01.

Other Events.

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	~~Twentieth~~Twenty-First Amendment to Loan and Security Agreement, dated January 829, 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: January 14, 2010	By:	/s/ Michelle Doery
Dated: February 2, 2010	By:	/s/ Michelle Doery
	Name:	Michelle Doery
	Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
10.1	~~Twentieth~~Twenty-First Amendment to Loan and Security Agreement, dated January 829, 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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