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Storage Technology

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BUSINESS
April 19, 1985
The company said the investigation is to determine whether the company and its officers and directors complied with prescribed rules and regulations and followed generally accepted accounting principles in connection with the filing or publication of its periodic reports, the maintenance of its books and records or the issuance of any of its securities. The company added that it is not aware of any acts or practices that did not comply with the rules or principles.
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BUSINESS
March 14, 2007
* Microsoft Corp. is negotiating to buy Mountain View, Calif.-based Tellme Networks Inc. for $800 million, a deal that would give the software giant voice- recognition programs for mobile-phone Internet searches, people with knowledge of the talks said. The acquisition would be Microsoft's largest since the 2002 purchase of software maker Navision A/S for $1.45 billion. * San Jose-based Cisco Systems Inc. said it agreed to buy NeoPath Networks to gain the Santa Clara, Calif.
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BUSINESS
September 4, 1986
The plan, filed in U.S. Bankruptcy Court in Denver, calls for the repayment of about $800 million in debts to the company's 8,500 creditors. Payment by the Louisville, Colo.-based company would be made with $140 million in cash, $285 million in 10-year notes and $375 million, or 196 million shares, of newly issued stock. Storage Technology, which manufactures computer storage devices, said it will file further details of the plan on Friday.
BUSINESS
September 28, 2001
* Procom Technology Inc., an Irvine storage technology company, said it lost $9.3 million, or 64 cents a share, in the fourth quarter, compared with a net loss of $1.2 million, or 11 cents a share, a year earlier. Sales declined 37% to $8.9 million. * Kenneth Hamlet has joined the board of directors of Trinity Medical Group USA Inc. in Rancho Santa Margarita. Hamlet is chairman of TEC International, a global organization of chief executives.
BUSINESS
June 14, 1985
The Louisville, Colo.-based maker of disk drives and other computer equipment said the layoffs were "more a reaction to the general slowdown in our industry rather than Storage Technology's reorganization." The reductions will be primarily in manufacturing areas and will be accompanied by a return to a five-day workweek by remaining workers. Last October, the firm filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
BUSINESS
August 10, 1994 | From Reuters
Storage Technology Corp. and Network Systems Corp., which supply computer storage and data communications systems, said Tuesday that they have agreed to merge in a stock swap valued at about $300 million. Storage Technology said the deal is believed to be the first merger of a major computer storage provider and a leader in high-performance computer networking products.
BUSINESS
December 4, 1986
Judge Roland J. Brumbaugh sharply criticized the Internal Revenue Service's audit of Storage Technology and ordered the IRS to refigure its estimate that the computer equipment maker owes $640 million in back taxes. The Louisville, Colo.-based firm claims it owes just $3 million. Brumbaugh complained that the IRS sent "inexperienced, untrained and unknowledgeable agents" to perform what he called an "incompetent audit."
BUSINESS
January 21, 1985
Troubled Storage Technology Corp., struggling through a Chapter 11 reorganization and two years of heavy losses, has tabbed Ryal R. Poppa, known as a corporate rebuilder, to be its new head. Gordon Swartzfager, Storage Technology's vice president of communications, said Poppa would assume his duties as president, chief executive and chairman in early February. A federal bankruptcy judge in Denver on Friday approved the hiring of Poppa, 51, by the Louisville, Colo.
BUSINESS
January 8, 1985 | Associated Press
Another 1,000 workers were laid off at Storage Technology Corp. plants here and in nearby Broomfield on Monday, bringing to 4,000 the number of Storage Technology workers in Colorado who have lost their jobs in the last 90 days. Storage Technology, once a leading maker of data-storage devices for large-scale computers, filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Oct. 31 following major losses, including a $64.7-million loss in the third quarter of 1984.
BUSINESS
April 17, 1985
Storage Technology, which is trying to reorganize under Chapter 11 of the U.S. Bankruptcy Code, announced a loss of $419 million for the fourth quarter of 1984 and a loss of more than $500 million for the full year. The fourth-quarter loss came on revenue of $151.9 million and compares to a loss of $35.4 million on revenue of $226.9 million in the same period a year earlier, the computer products company said. The latest loss included $279.
BUSINESS
June 13, 2000 | Times Staff and Wire Reports
Anaheim-based Odetics Inc. said Monday it has agreed to accept a reduction in the final payment from competitor Storage Technology Corp. in an amended settlement of their 4-year-old patent infringement lawsuit. Under the agreement, Storage Technology is paying $17.8 million rather than $20 million over two years to complete the settlement. "We've accepted a discounted amount, because they're paying early," Odetics chief operating officer Greg Miner said.
BUSINESS
April 5, 2000 | DENISE GELLENE, TIMES STAFF WRITER
Los Angeles start-up ZKey.com will announce Thursday partnerships with several companies that have agreed to use its Internet-based information storage technology. Under terms of the deals, Corel will incorporate ZKey technology in its Corel Central software, and Casio will use the technology in its hand-held Casiopia electronic organizer. ZKey is also announcing partnerships with Hollywood Stock Exchange, 3M Post-It Products, JFax and Mobile Computing magazine.
BUSINESS
July 8, 1999 | From Times Staff and Wire Reports
Odetics Inc. is to receive $70.6 million in damages from a rival seller of data-storage equipment after a federal appeals court reinstated a jury's award in a patent dispute. A jury last year found that Storage Technology Corp. of Louisville, Colo., the No. 1 maker of corporate computer tape-storage systems, infringed an Odetics patent related to data storage in network computing. The verdict was reversed by a federal judge in Virginia, but a higher court reinstated the award Tuesday.
BUSINESS
July 8, 1999 | Times Staff and Wire Reports
Odetics Inc. is to receive $70.6 million in damages from a rival seller of data storage equipment after a federal appeals court reinstated a jury's award in a patent dispute. A jury last year found that Louisville, Colo.-based Storage Technology Corp., the No. 1 maker of corporate computer tape-storage systems, infringed an Odetics patent related to data storage in network computing. The verdict was reversed by a federal judge in Virginia, but the appellate court reinstated the award Wednesday.
BUSINESS
May 3, 1998
Pinnacle Micro Inc.: The Irvine producer of optical storage technology and recordable CD storage systems said it lost $939,000, or 6 cents a share, for the first quarter, compared with a net loss of $4.1 million, or 39 cents a share, for the first quarter of 1997. Sales dropped to $4 million from $14.1 million.
BUSINESS
March 31, 1998 | From Bloomberg News
Odetics Inc. shares rose 24% Monday after a jury awarded the company $70.4 million in damages in a patent-infringement case against Storage Technology Corp. Odetics shares rose $1.56 to $8 on volume of 541,800 shares, more than 12 times the three-month daily average. Earlier in the session, the stock surged to a 52-week high of $9.25 a share before retreating a bit. Storage Technology shares slipped 6 cents to $75.44.
BUSINESS
June 19, 1987 | Associated Press
Storage Technology Corp. completed a rapid recovery from financial jeopardy Thursday when a federal bankruptcy court approved its reorganization plan, allowing the computer equipment maker to emerge from Chapter 11 protection. Storage Technology, a Louisville, Colo.-based maker of data storage devices and printers for big, mainframe computers, was granted approval of its reorganization plan 33 months after it sought protection from its creditors and laid off thousands of workers.
BUSINESS
June 3, 1991 | From Associated Press
Ryal Poppa flashes a somber smile as he reflects on that day six years ago when he faced down an angry bunch of creditors who wanted to dismantle Storage Technology Inc. The computer products manufacturer was in the midst of a Chapter 11 bankruptcy reorganization after posting a $505.5-million loss in 1984. The creditors wanted justice, and some takeover attempts were testing the waters. Some of the creditors were "trying to break up the corporation . . .
BUSINESS
June 11, 1996 | Times Staff and Wire Reports
IBM, Storage Technology in Product Pact: International Business Machines Corp. has signed on rival Storage Technology Corp. to make storage subsystems for the computer giant, in a bid to shore up IBM's storage business, which has been losing market share in recent months. Financial terms were not disclosed, but analysts said the deal could produce hundreds of millions of dollars in new revenue for Louisville, Colo.-based Storage Technology.
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