Spansion, the bankrupt Sunnyvale flash memory maker that gave its executives a retention-based pay raise in February the same day it fired 3,000 workers, named its fourth chief financial officer in less than five months.
Randy Furr was named to replace Nathan Sarkisian, who served as interim CFO since May 20 when he replaced the previous Read the rest of this entry »
Starting tomorrow, Spansion’s shares will no longer trade on the Nasdaq exchange, according to a filing the flash memory maker made Wednesday.
In its statement filed with the SEC, Spansion said it “does not expect the delisting to have Read the rest of this entry »
The Nasdaq stock market has found yet another reason why Spansion’s stock should be delisted, in addition to the facts that the company has filed for bankruptcy and is unable to file its annual 10-K financial report with the Securities and Exchange Commission. Spansion has also failed to pay the necessary fees for continued listing, according to a press release it distributed via PRNewswire.
Good luck with that appeal, which the company says it plans to make.
Spansion, the Sunnyvale flash memory maker that gave its executives a retention-based pay raise in February the same day it fired 3,000 workers, said this week that one of those raises doesn’t seem to have had the desired effect.
The company revealed in a regulatory filing Thursday that one of the recipients of those executive retention pay raises quit a week ago. Dario Sacomani (pictured), the company’s now former chief financial officer, resigned April 10, when he and Spansion entered into a “Personal Leave Agreement” under which Read the rest of this entry »
Applied Micro Devices became the latest victim of the bankruptcy of Spansion, a company it helped bring into being in a joint venture with Fujitsu that eventually was spun out into a separate public company.
As part of its reorganization, Spansion filed a motion in which it indicated that it does not intend to Read the rest of this entry »
FormFactor has sued Spansion for $8.1 million it says the Sunnyvale flash memory maker owes it for product ordered and delivered but never paid for, according to information found in the Livermore company’s 10-K annual financial report filed with the SEC Friday. Read the rest of this entry »
In one of the most breath-taking pieces of pretzel logic we’ve ever seen, Spansion’s board of directors last week restored the 10 percent cut in pay given to its executive officers last October on the very same day it let go 3,000 employees.
The effective pay raises were characterized as Read the rest of this entry »
Two days before defaulting on $266 million worth of debt obligations, chip-maker Spansion agreed to give its newly hired chief executive, John Kispert, a four-month advance on his $900,000 annual salary, an advance he won’t have to pay back should he quit before four months have elapsed.
He was also guaranteed a $1.75 million bonus contingent upon Read the rest of this entry »
Spansion, the Sunnyvale flash-memory maker, chose to borrow $74.8 million of the $85 million available to it under an agreement with UBS, the Swiss investment banker that holds auction-rate securities that were worth $121.9 million when Spansion first bought them. The investment has a current estimated market value of $107.4 million, according to a filing Spansion made Monday.
Auction-rate securities (ARS) are typically typically corporate or municipal bonds with a long-term maturity horizon whose interest rates are reset periodically through auctions held as often as every week. The market for them has been frozen since February making it impossible for investors to access them for want of any buyers.
UBS has agreed to make good on the value of Spansion’s original investment by guaranteeing that it will buy the securities sometime between Read the rest of this entry »
Among the “aggresive” actions announced by Spansion last October, when it reported a two percent drop in sales through the first three quarters of 2008 compared to the same period the year before, along with a 50 percent increase in the size of its net loss, were unspecified “salary reductions.”
Pay reductions for the company’s chief executive and other top officers could be Read the rest of this entry »
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