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Technology / AI and automation

STORAGETEK AUDITOR QUALIFIES REPORT

Because of the uncertainties still besetting Storage Technology Corp’s reorganisation plan, the company’s auditors have qualified its 1986 financial reports. The auditor, Price Waterhouse, has issued a letter with StorageTek’s annual figures stating that several key issues upon which the reorganisation depends, such as the disagreement over back taxes with the IRS, have yet to be settled. The Internal Revenue Service is currently appealing a ruling that StorageTek owes only $22.8m in taxes, claiming it owes anything up to $640m. Storagetek is now in talks with the Revenue men.

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CBR Staff Writer

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