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Computer Maker Osborne Dies
Adam Osborne, who set the early standard for highflying, fast-crashing high-tech companies, died earlier this month at 64.
The father of the Osborne-1 computer coined the term “hypergrowth,” which described his companys rise in 1981 with the debut of a 23-pound luggable computer. The company had $5.8 million in sales of the Osborne-1 in 1981. By the end of 1982, it had sales of $68.8 million, or as many as 10,000 units a month.
The company went bankrupt in September 1983 after Osborne froze the market for the Osborne-1 by preannouncing a newer, lighter machine.
His death ended a decade-long battle with an organic brain disorder that caused him to suffer a series of ministrokes.
Software Vendor Hunts for Buyer
Canadian software company Corel, trying to find a buyer for its business, has signed a nondisclosure and standstill agreement with San Francisco-based Vector Capital that lets Vector investigate a takeover bid for the struggling software maker.
Corel can still try to find alternative buyers and pursue strategic alternatives for its business and has appointed Canadian investment bank CIBC World Markets to help it in this regard, the company said in a statement last week.
The announcement follows Microsofts sale to Vector Capital of the 22.89 million Corel shares—a 24.6 percent stake in the company—it bought in October 2000. Microsoft took a loss of more than $100 million on the sale of the shares, which it paid $135 million for and sold to Vector for some $13 million.
NAI to Restate Earnings Reports
Security vendor Network Associates plans to restate three years of earnings after investigations by the Securities and Exchange Commission and the Department of Justice turned up information that casts doubt on the validity of the previous numbers. NAI executives said last week they will revise the earnings statements for 1998, 1999 and 2000.
Officials said the decision to restate earnings is related to an accounting conversion in late 2000. George Samenuk, CEO of NAI, said the company does not believe the restatements will have any material effect on earnings for fiscal 2001 or later periods.