The evolving relationship between Xerox Corp and Tandon Corp, Chatsworth, California, moved several steps forward as the old year waned, and Xerox is likely to become an equity investor in the disk drive and Personalike manufacturer. At the same time, Tandon said that it would need to raise further finance early this year for working capital, opening the door to Xerox becoming a major stakeholder: Tandon reported a loss of $45.3m on sales of $56.4m in its fiscal fourth quarter (see page three). Xerox bailed Tandon out about three months ago with a $4m three-year note, with an option to convert the loan into Tandon equity; it would hold less than 5% on conversion.

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