Wang submits plan to become smaller concern
Article Abstract:
Wang Laboratories Inc, currently in bankruptcy court proceedings, files a reorganization plan that calls for slashing the firm's work force from 9,300 to 6,000, focusing on software and services and halting the manufacture of computers. The new company would generate revenue of about $1 billion for the fiscal year ending Jun 30, 1994. In sharp contrast, the firm posted annual revenues exceeding $3 billion and employed about 31,000 workers in the late 1980s. The reorganization plan calls for paying off the firm's $50 million in secured debt in full and issuing unsecured creditors, who are owed about $1 billion, new stock that will give them an initial 100 percent stake in the restructured company. Owners of Class B and Class C common stock would receive 7-year warrants that, if fully exercised, would give then a one-fifth interest in the company.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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IBM sues EMC, saying it broke patent accord, committed fraud
Article Abstract:
International Business Machines is suing EMC Corp. for "conspiring" with Data General Corp., which EMC acquired, in keeping old lawsuits alive and secretly moving disputed patents to shell companies. EMC claims the suit is "frivolous" and that IBM is trying to hide accountability for infringement of Data General Corp.'s patents. Data General has sued IBM over the AS/400 computer alleged patent violations. The patent lawsuits among these three companies date back to 1994.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
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Storage Tek off the block; CEO to resign
Article Abstract:
Storage Technology plans to reduce its business units from 6 to 2, eliminating between 500 and 600 jobs. David Weiss will leave voluntarily after nearly 4 years as CEO, once a replacement is found. Over the last year, share price has declined from a high of $40 to $13, hurt by a fall off in sales of its main product, tape drives for main frame data storage.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 2000
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