Any info about Iomega (IOM)? Message Board

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Non-Tech : Any info about Iomega (IOM)?

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To: rll who wrote (58033)	11/19/1998 1:56:00 AM
From: Dale Geffrey	Read Replies (2) of 58324

And now it's official . . . Wednesday November 18 11:06 PM ET Disk-drive Maker Files Bankruptcy FREMONT, Calif. (AP) - SyQuest Technology Inc. (Nasdaq:SYQT - news), an early developer of removable disk drives, has filed for bankruptcy and has reached a tentative agreement to sell a portion of its assets. The buyer will acquire SyQuest's patents and equipment used to manufacture disk drives and storage cartridges, the company said Tuesday. SyQuest will retain all of its accounts receivable and ownership of its manufacturing facility in Malaysia. The buyer has not been identified and a purchase price was not announced. A definitive agreement is expected no later than Nov. 25. The asset sale must be approved by the U.S. Bankruptcy Court in Oakland. Founded in 1982, SyQuest was the first to produce small removable disk drives designed for PCs. But in the mid-1990s it was outsold by a similar drive made by Utah-based Iomega Corp. (NYSE:IOM - news) Syquest responded with a higher-capacity drive but couldn't compete with Iomega's cheaper, lower-capacity product. The company has been plagued by management troubles, lawsuits and losses of more than $200 million since 1995. In August, SyQuest fired 950 employees, half its staff, and shut down manufacturing operations in Fremont. Dale

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