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August 1, 1994

THINKING MACHINES CHIEF COY OVER NAMES

By CBR Staff Writer

Thinking Machines Corp president Richard Fishman told the Wall Street Journal the company is trying to negotiate an equity investment or a takeover very soon, adding I’m extremely hopeful that we’re going to work something out with one of two parties with whom we’ve been speaking while declining to name them, although AT&T Corp and Sun Microsystems Inc have been touted: employees at the Cambridge company said they became alarmed last week that a Chapter 11 filing for protection from creditors was imminent because on Friday a week ago, direct payment of payroll cheques was delayed and when payments were made, they included extra amounts for accrued vacation time under Massachusetts law, top corporate officers can be personally liable for unpaid payroll when a company shuts up shop – but Mr Fishman said We are doing everything possible to make sure that Chapter 11 doesn’t happen; Thinking Machines sold $91.6m of computers in 1992, but made a net loss of $17m; last year sales fell to about $83m and the loss widened to $20m – and word is that Thinking Machines has not sold even one yet in 1994.

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