Well it's official Cannondale was purchased by Pacific Cycles. This is the same company that produces Schwinn, GT, and Mongoose. I think they have a lot of other low line bikes sold through Target, Walmart, and other chain stores. Here is a link for the full details.
I don't know what to think at this point as I have a Cannondale Caffiene 29'er 1 on the way. According to a "reliable" source - this will only make the company stronger. This remains to be seen. Hopefully nothing really changes - although I read somewhere they will be eventually moving production out of the states to some of there other asian facilities.
The wheels have arrived from Stan's - and they look sweet. Now all I need is for my Pacific/Cannondale ??? to get here. More details on the build when I actually have the bike in hand.