Broadcom Sued Over Defaulted Payments
Remember..don't blame me, blame those who run the company. You clown longs have to ask yourself:
Why can't they pay? Where is all that cash? Why are insiders selling near the lows when they said things were more stable? How bad and when do they warn again?
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Business; Financial Desk
IN BRIEF / TECHNOLOGY Broadcom Sued Over Defaulted Payments
Bloomberg News
08/16/2001
Los Angeles Times
Home Edition
C-2
Broadcom Corp. has been sued by a major customer, 3Com Corp., which accused
the Irvine chip maker of defaulting on two quarterly interest payments on a
$21-million promissory note.
3Com issued the note Dec. 4, after the companies agreed to jointly develop,
sell and market network-interface cards based on the Gigabit Ethernet data
standard. Gigabit Ethernet cards connect computers on a network 10 to 100
times faster than the previous generation of cards, which are typically used
in most offices.
Broadcom supplies components to Santa Clara-based 3Com to make networking
equipment. 3Com expected interest payments of $313,782 on April 1 and
$244,053 on July 1 from Broadcom, the lawsuit said.
As a result of the missed payments, Broadcom owes more than $21 million,
according to the complaint, which was filed Tuesday in Santa Clara Superior
Court.
3Com is asking a judge to order Broadcom to pay the note and interest. |
