Standard & Chartered Plc is going to have to take a big hit on its $110m loans to MiniScribe Corp because an increase of only $6m in Maxtor Corp’s bid, to $46m – $21.5m in cash, $20m in new Maxtor shares, and $4.5m in cash and receivables from the MiniScribe operations in Hong Kong and Singapore – landed the Longmont, Colorado company in the auction. When it came to the crunch the only other game in town was Wearnes Technology Group Pte Ltd, and Wearnes wanted only the Hong Kong and Singapore operations.Principal asset at MiniScribe is a 1 high 3.5 Winchester disk drive.
