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July 23, 1991

ARIX CREDITORS UNDERSTANDING, SANGUINE DESPITE LOSS OF TREASURY CONTRACT

By CBR Staff Writer

Arix Corp has been depending on IBM Corp winning the US Treasury contract that went to AT&T Co last week to get it out of its current financial woes: however, reports that Arix will instantly dematerialise are exaggerated, according to company chief Gene Manno. His creditors, owed around $5m, are being understanding, because of the Federal Courts bid they won together. Arix could resign itself to being just a $25m company, Manno claims, and survive looking for new business and filling its $3m order backlog. Just what plan B will be, however, is still under discussion. It always seems to happen these days, and IBM, which put up the Arix systems as the would-be prime contractor, could decide to protest the award provided it can muster an unfrivolous case. Such is certainly a well-travelled route: something over 60% of the Treasury’s awards reportedly get overturned. The two have until Wednesday July 24 to lodge a protest.

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