judy, is this long ? or is this for truff?
thx for info on intc. don't talk to me about cpq. u will make me mad <g>... i bot cpq last yr. at 30 and sold calls uncovered the calls
and now it's tanking... lesson: never go long on something u don't belive in.
Bankruptcy trustee sues SAP AG (read yahoo news...couple of news items)
By Reuters, ZDNet
WILMINGTON, Del, Aug 26 (Reuters) - The bankruptcy trustee appointed to oversee the liquidation of FoxMeyer Corp. and Foxmeyer Drug Co. has sued the
companies' software supplier, SAP AG for $500 million for alleged "gross negligence."
In papers filed Monday in the U.S. District Court in Delaware and made available to Reuters today, trustee Bart Brown said SAP's alleged fraud and negligence,
"led to the demise of FoxMeyer, a once-thriving $5 billion wholesale drug distribution company."
According to the lawsuit, although SAP's had historically made software for manufacturing, the Walldorf, Germany-based company, "assured FoxMeyer that its
R/3 system was well suited to the needs" of the high volume and complex price structure of FoxMeyer's distribution business.
Couldn't handle volume
When the R/3 system was installed, its volume limitations made it usable at only six of FoxMeyer's 23 distribution warehouses, court papers said.
"The failure of the R/3 system to perform as SAP had represented...was a significant factor contributing to Foxmeyer's August 1996 bankruptcy and subsequent
liquidation."
According to court papers, on September 30, 1993, FoxMeyer agreed to pay more than $5 million to license SPA's R/3 software system. |
