Bus 101 Summaries-Stakeholders

Bus 101 Summaries-Stakeholders - Nicholas Connolly Bus 101...

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Nicholas Connolly Bus 101 Dr. Barr 1/22/2009 MiniScribe Summary : MiniScribe was a disk drive company in the 1980’s that fell into a slump in the mid 1980’s. They lost their main customer, IBM, which made business very difficult. They called in Q.T Wiles, who had a reputation of heading companies in the right direction. Wiles, who worked for an investment-banking firm called, Hambrecht and Quist, helped raise money and cut costs. Within a year sales went up $500 million and MiniScribe’s stock hit an all time high of $14 per share. In 1988, the computer business took a big hit and MiniScribe shares started to be sold off quickly. MiniScribe took a $14.6 million loss in their final quarter and they were in-house audited, sued by shareholders, and being investigated by the SEC. MiniScribe used sneaky accounting schemes to stay in the clear, which worked for a good period of time. In 1989, MiniScribe’s stock hit an all time low of $1.31 and they filed for bankruptcy and were sold off to another company. The U.S National Bank of Galveston and other investors
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This note was uploaded on 11/15/2011 for the course BUS 101 taught by Professor Rollins during the Fall '08 term at Miami University.

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Bus 101 Summaries-Stakeholders - Nicholas Connolly Bus 101...

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