Silicon Graphics - History - Final Bankruptcy and Acquisition By Rackable Systems

Final Bankruptcy and Acquisition By Rackable Systems

In December 2008, SGI received a delisting notification from NASDAQ, as its market value had been below the minimum $35 million requirement for 10 consecutive trading days, and also did not meet NASDAQ's alternative requirements of a minimum stockholders' equity of $2.5 million or annual net income from continuing operations of $500,000 or more.

On April 1, 2009, SGI filed for Chapter 11 again, and announced that it would sell substantially all of its assets to Rackable Systems for $25 million. The sale, ultimately for $42.5 million, was finalized on May 11, 2009; at the same time, Rackable announced their adoption of "Silicon Graphics International" as their global name and brand. The Bankruptcy court scheduled continuing proceedings and hearings for June 3 and 24, 2009, and July 22, 2009.

After the Rackable acquisition, Vizworld magazine published a series of six articles that chronicle the downfall of SGI.

Read more about this topic:  Silicon Graphics, History

Famous quotes containing the words systems, final, bankruptcy and/or acquisition:

    What avails it that you are a Christian, if you are not purer than the heathen, if you deny yourself no more, if you are not more religious? I know of many systems of religion esteemed heathenish whose precepts fill the reader with shame, and provoke him to new endeavors, though it be to the performance of rites merely.
    Henry David Thoreau (1817–1862)

    The final key to the way I promote is bravado. I play to people’s fantasies. People may not always think big themselves, but they can still get very excited by those who do. That’s why a little hyperbole never hurts.
    Donald Trump (b. 1946)

    A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.
    Washington Irving (1783–1859)

    Wars and revolutions and battles are due simply and solely to the body and its desires. All wars are undertaken for the acquisition of wealth; and the reason why we have to acquire wealth is the body, because we are slaves in its service.
    Socrates (469–399 B.C.)