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Technology Stocks : Enterprise Informatics
EINF 0.5100.0%Sep 29 5:00 PM EST
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To: Ken Modelski who wrote (2327)4/3/1998 5:08:00 PM
From: Rasterman  Read Replies (2) of 13797
 
Well this is a new twist for all who are interested. The obvious problem which surfaced first is that Jay and the financial man in London were shipping product and reporting revenue with Far East distributers. The shipped product was not actually sold when the transaction occured and the distributers had a verbal agreement to pay upon the ultimate sale to an end user. This little trick was uncovered by Low and this led to the problems with P.W.
But believe it or not the real reason the board fired Tanna had to do with a plot they uncovered this last week to take control of the company and take it private. Evidently the board was notified of Tanna's negotiation with a large London financial house to call noteson Altris debt and then he planned to purchase the debt from the bank with personal funds! He as on his way out of the country on 3/30 when the scheme was uncovered. There was an emergency board meeting on 3/30 that he attended. He was then asked to leave the meeting and the remaining members of the board pulled the plug.
As of today they are also trying to terminate his son, but there is evidently some large payout in his contract if he is terminated. Sunil was given the job of chief architect of the EB product and was way over his head. Many of the hard working and talented engineers in SD left over this blantant nepotisim.
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