View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
April 30, 1987

STORAGE TECHNOLOGY HOME AND DRY FOR DISCHARGE AS UNCLE SAM SETTLES FOR $37m

By CBR Staff Writer

The US Internal Revenue Service has settled with Storage Technology Corp for a modest $37.1m to cover the back taxes it reckoned the company owed from 1977 to 1984; it had been demanding some $600m, but the judge hearing the bankruptcy case ruled that StorageTek owed no more than $22m plus accrued interest – $33m or so (CI No 580). Rather than appeal, the IRS went into a huddle with StorageTek, which will pay $23m with a six-year 12% note and the balance in notes, stock and cash. A bankruptcy court hearing is set for June 18, at which the firm’s discharge will now be a formality.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

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 New Statesman Media Group 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.
THANK YOU