View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
October 13, 1991


By CBR Staff Writer

Cray Research Inc, Eagan, Minnesota has stepped in to pick up the pieces at bankrupt Floating Point Systems Corp with a letter of intent to pay $3.25m for most of the assets of the Beaverton, Oregon company, which filed for Chapter 11 bankruptcy protection a week ago (CI No 1,777). The sale would include all assets except land and buildings, and accounts receivable owed to Floating Point. As well as approval by the boards of both companies, the agreement needs the approval of the US Bankruptcy Court in Portland, which is supervising the reorganisation of FPS. In its bankruptcy filing, Floating Point listed $18.5m in liabilities and nearly $31m in assets at book value, although it accepts that the current market and liquidation values of the assets are considerably less. Cray wrote to employees last week to say that it would decide whether FPS has the potential to support our ongoing network supercomputing objectives. The company’s flagship product is the 500 Series of ECL Sparc RISC-based machines, designed to integrate heterogeneous scalar, vector, parallel matrix and application-specific co-processors in a single machine (CI No 1,644). It offers symmetric multiprocessing under SunOS Unix and all or some of the processors can be applied to a single task. Cray is planning to develop a massively parallel supercomputer and has been evaluating RISCs, and clearly thinks that the Floating Point technology may shorten the design cycle. The letter of intent requires closing by November 15 unless Cray asks for an extension.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.