The outcome desired by company founder Dennis Hayes to the company’s bankruptcy proceedings has won the day, with the court approving the joint bid by Singapore engineering and electronics company Acma Ltd and Northern Telecom Ltd over the offer from Diamond Multimedia Systems Inc for Hayes Microcomputer Products Inc. Under the plan, Acma and Northern Telecom will each inject $17.5m for a combined 49% stake in Hayes, and the two will provide up to $6.5m in loans conditionally convertible to equity. Dennis Hayes will retain the remaining 51% and Hayes will aim for a public listing in two years. The court was happy with the Diamond bid, but ruled in favor of the rival proposal because it had the support of the majority of shareholders and creditors. Creditors get full claims, with interest.
