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Does the following work as expected? As it stands, you always need an ELSE statement to escape your IF as the final possible outcome - as you were trying to use the immediate if after an elseif you weren't leaving space to supply this:
IF [PGI Date] = 'Check Date' THEN "Backlog" ELSEIF isEmpty([PGI Date])) THEN "Shipped"
ELSE "Backlog" ENDIF
The following may also work if I'm reading this right and slightly simplifies things:
IF [PGI Date] = 'Check Date' or !isempty([PGI Date]) THEN "Backlog"